Kolon Life Science handed $33 million fine over Mitsubishi Tanabe dispute

14 January 2021

The International Court of Arbitration of the International Chamber of Commerce has ordered Korea’s Kolon Life Science (Kosdaq: 102940) to pay a total of $33 million to Mitsubishi Tanabe Pharma Corporation (TYO: 4508).

This relates to a licensing deal agreed between the two companies in November 2016, when Mitsubishi Tanabe paid for the rights to Kolon Life's osteoarthritis drug Invossa (TissueGene-C).

The court found that the technology transfer contract was concluded on the premise that Invossa was a cartilage-derived cell, when it was later identified as a 293-derived cell.

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