AstraZeneca is sued by Array BioPharma over cancer drug royalties [Reuters (UK)]
AstraZeneca PLC - American Depositary Shares (AZN)
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Source: Reuters
AstraZeneca is sued by Array BioPharma over cancer drug royalties | Reuters Reuters Staff 3 Min Read NEW YORK (Reuters) - Array BioPharma Inc ( ARRY.O ) on Thursday sued AstraZeneca AB ( AZN.L ), accusing the pharmaceutical company of refusing to pay required royalties for a cancer drug after entering into an $8.5 billion (5.96 billion pounds) collaboration with Merck & Co ( MRK.N ). In a complaint filed in the New York State Supreme Court in Manhattan, Array is seeking at least $192 million from AstraZeneca for the alleged breach of a 2003 licensing agreement related to the drug, known as selumetinib. AstraZeneca did not immediately respond to a request for comment. According to the complaint, selumetinib is a compound discovered by Boulder, Colorado-based Array that inhibits activity of an enzyme involved in cell growth and metabolism. Array said the 2003 agreement allowed AstraZeneca to use selumetinib in research to fight cancer, and provided for a 12-percent royalty on sums
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Sec Filings
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- 3/19/24 - Form F-3ASR
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