Merus Announces Global Settlement and End to All Patent Litigation with Regeneron Pharmaceuticals
Merus and Regeneron to cross-license patents relating to certain antibody generation platform technologies
Regeneron to purchase $15 million of Merus common shares
UTRECHT, The Netherlands, Dec. 20, 2018 (GLOBE NEWSWIRE) -- Merus N.V. (Nasdaq:MRUS), a clinical-stage immuno-oncology company developing innovative bispecific antibody therapeutics (Biclonics®), today announced a settlement of all pending patent litigation and administrative proceedings between Merus and Regeneron Pharmaceuticals, Inc. pertaining to certain antibody generation platforms of each company.
As part of the settlement, both parties have signed a global patent cross-license agreement, and Regeneron has agreed to provide an investment in Merus of $15 million through the purchase of 600,000 common shares at a price of $25 per share representing a premium of 118% from the close of trading on December 20, 2018. The cross-license and stock purchase are being made in conjunction with the dismissal of all claims to approximately $10.5 million for the reimbursement of attorney fees and other expenses, plus interest, awarded to Merus by the trial court on July 10, 2018. The settlement marks the end of all adversarial proceedings.
“This settlement marks the conclusion of a multi-year and multi-jurisdiction dispute,” said Ton Logtenberg, Ph.D., President and Chief Executive Officer of Merus. “Today’s agreement to resolve these matters in an amicable manner is a positive result, and we believe, continues to ensure that Merus is able to further advance our Biclonics® platform to discover and develop differentiated bispecific antibody therapeutics for cancer patients in need.”
Under the terms of settlement, all worldwide patent proceedings related to the parties’ respective antibody generation platforms have been resolved. Under the global patent cross-license agreement, the parties have granted certain royalty-free rights to each other, while maintaining the uniqueness of their respective platform technologies. Neither party is licensed to exploit the other party’s products.
The settlement also resolves a pending Dutch proceeding of a related counterpart patent, which has been stayed since 2014, and a number of opposition proceedings in multiple jurisdictions the parties have outstanding.
“Merus’ platform technology and associated patents reflect the Company’s ongoing groundbreaking work in the field of bispecific antibody generation and development,” said Peter B. Silverman, J.D., EVP and General Counsel of Merus. “This settlement further validates the strength of our IP portfolio and our ability to develop innovative Biclonics® candidates.”
Both parties have agreed to keep details relating to the global settlement confidential, other than what is disclosed in this press release or is otherwise required to be disclosed by law.
About U.S. Patent No. 8,502,018 (
018 patent) Litigation
In March 2014, Regeneron filed a complaint against Merus alleging that it infringed one or more claims in the U.S. Patent No. 8,502,018 (‘018 patent), entitled “Methods of Modifying Eukaryotic Cells.” Merus filed counterclaims seeking, among other things, a declaratory judgment that Merus did not infringe the ‘018 patent, that the ‘018 patent was invalid and a declaratory judgment of unenforceability of the ‘018 patent on the basis that the patent was procured by inequitable conduct. Merus prevailed at the trial court on these counterclaims. Regeneron stipulated to non-infringement and invalidity of the patent following the district court’s decision on claim construction. And after a trial in June 2015, the trial court concluded that Regeneron’s ‘018 patent was unenforceable. On July 27, 2017, the Federal Circuit affirmed. On December 26, 2017, the full Federal Circuit denied Regeneron’s request to rehear the matter, and the Supreme Court denied Regeneron’s petition for certiorari on October 1, 2018, ending the case in favor of Merus.
On March 26, 2018, the trial court granted Merus’ motion for attorneys’ fees, expert fees, and costs, and on July 10, 2018, granted Merus’ motion for approximately $10.5 million plus interest. Regeneron appealed the decision to the Federal Circuit. The parties have now agreed to dismiss the appeal and the claim for fees as a result of the settlement and Regeneron’s $15 million investment in Merus.
About Merus N.V.
Merus is a clinical-stage immuno-oncology company developing innovative full-length human bispecific antibody therapeutics, referred to as Biclonics®. Biclonics®, which are based on the full-length IgG format, are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. Merus’ most advanced bispecific antibody candidate, MCLA-128, is being evaluated in a Phase 2 combination trial in two metastatic breast cancer populations. MCLA-128 is also being evaluated in a Phase 1/2 clinical trial in gastric, ovarian, endometrial and non-small cell lung cancers. Additional pipeline programs include MCLA-117, which is currently being studied in a Phase 1 clinical trial in patients with acute myeloid leukemia, and MCLA-158 being studied in a Phase 1 clinical trial in patients with solid tumors with an initial focus on metastatic colorectal cancer. Through its collaboration with Incyte Corporation, Merus is also developing MCLA-145, a preclinical bispecific antibody designed to bind to PD-L1 and a non-disclosed second immunomodulatory target. For additional information on the company and programs, please visit Merus’ website, www.merus.nl.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, Merus’ ability to further advance its Biclonics® platform and develop innovative Biclonics® candidates, the strength of Merus’ IP portfolio, and the ongoing, groundbreaking work in the field of bispecific antibody generation and development.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our need for additional funding, which may not be available and which may require us to restrict our operations or require us to relinquish rights to our technologies or Biclonics® and bispecific antibody candidates; potential delays in regulatory approval, which would impact our ability to commercialize our product candidates and affect our ability to generate revenue; the lengthy and expensive process of clinical drug development, which has an uncertain outcome; the unpredictable nature of our early stage development efforts for marketable drugs; potential delays in enrollment of patients, which could affect the receipt of necessary regulatory approvals; our reliance on third parties to conduct our clinical trials and the potential for those third parties to not perform satisfactorily; we may not identify suitable Biclonics® or bispecific antibody candidates under our collaboration with Incyte or Incyte may fail to perform adequately under our collaboration; our reliance on third parties to manufacture our product candidates, which may delay, prevent or impair our development and commercialization efforts; protection of our proprietary technology; our patents may be found invalid, unenforceable, circumvented by competitors and our patent applications may be found not to comply with the rules and regulations of patentability; we may fail to prevail in potential lawsuits for infringement of third-party intellectual property; and our registered or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks.
These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2018, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor and Media Inquiries:
Investor Relations and Corporate Communications
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Standard & Poor’s has affirmed Arion Bank’s long term credit rating BBB+ but revised the outlook from stable to negative23.7.2019 20:32:00 CEST | Press release
Standard & Poor’s has affirmed Arion Bank’s long term credit rating BBB+ but revised the outlook from stable to negative. The Bank’s short term credit rating remains A-2. Main comments from Standard & Poor’s: The affirmation of the bank’s ratings reflects that Arion Bank maintains a solid market position in Iceland, with relatively advanced digitalized banking platforms while its exceptional capitalization counterbalances it’s geographic and loan book concentrations. Standard & Poor’s see Arion Bank as being well ahead of many other European banks in its preparation for technological disruption In a fiercely competitive environment, no longer supported by a strong economy, Icelandic banks' business prospects and earnings have become weaker. Furthermore, the role of pension funds in lending distorts Icelandic banks' competitive environment in terms of business generation and margins. Therefore it is seen as a negative trend for industry risk. Overall, economic risks for Icelandic banks
All Regulatory Clearances for Saxo Bank and BinckBank obtained to close the Offer23.7.2019 18:20:00 CEST | Press release
This is a joint press release by BinckBank N.V. (BinckBank), Star Bidco B.V. (the Offeror) and Saxo Bank A/S (Saxo Bank, pursuant to Section 4, paragraph 3 of the Dutch decree on public takeover bids (Besluit openbare biedingen Wft) in connection with the recommended public offer by the Offeror for all the issued and outstanding ordinary and priority shares in the capital of BinckBank (the Offer). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of the Offer Memorandum dated 12 March 2019 (the Offer Memorandum). This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, the United States or Canada or in any other jurisdiction in which such release, publication or distribution would be unlawful. Terms not defined in this press release will have the meaning as set forth in the Offer Memorandum. All Regulatory Cleara
Golar LNG Partners LP Cash Distributions23.7.2019 18:13:00 CEST | Press release
Golar LNG Partners LP (“the Partnership”) (NASDAQ: GMLP) announced today that its board of directors has approved a quarterly cash distribution with respect to the quarter ended June 30, 2019 of $0.4042 per common and general partner unit. This cash distribution will be paid on August 14, 2019 to all common and general partner unitholders of record as of the close of business on August 7, 2019. A cash distribution of $0.546875 per Series A preferred unit (NASDAQ: GMLPP) for the period from May 15, 2019 through August 14, 2019 has also been declared. This will be payable on August 15, 2019 to all Series A preferred unitholders of record as at August 8, 2019. Golar LNG Partners LP Hamilton, Bermuda July 23, 2019 This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
EUROCOMMERCIAL PROPERTIES N.V. TRANSACTIONS BUYBACK PROGRAMME23.7.2019 18:05:00 CEST | Press release
Date: 23 July 2019 Release: After close of business Euronext Please open the following link to read the full report including annexes: Attachment Full press release
ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2019 RESULTS23.7.2019 18:00:00 CEST | Press release
Almere, The Netherlands July 23, 2019, 6 p.m. CET ASM INTERNATIONAL N.V. REPORTS SECOND QUARTER 2019 RESULTS ASM International N.V. (Euronext Amsterdam: ASM) today reports its second quarter 2019 operating results (unaudited) in accordance with IFRS. FINANCIAL HIGHLIGHTS EUR million Q2 2018 Q1 2019 Q2 2019 New orders 175.9 235.0 373.1 Net sales 208.7 248.8 363.3 Gross profit margin % 42.1 % 41.3 % 59.0 % Operating result 38.3 47.0 150.2 Result from investments (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013) 21.6 3.1 2.0 Amortization intangible assets (resulting from the sale of ASMPT stake in 2013) (3.0 ) (3.4 ) (3.4 ) Net earnings 59.4 49.4 121.6 Normalized net earnings (excluding amortization intangible assets resulting from the sale of ASMPT stake in 2013 and result from sale of ASMPT shares) 62.4 52.8 125.0 • New orders were €373 million. Excluding €103 million related to the patent litigation settlement new orders were €270 million. • Net
Banks net position in the Riksbank23.7.2019 16:40:00 CEST | Press release
Jul 23, 2019 SEK MILLION LENDING BORROWING 271