TOKYO & BASKING RIDGE, N.J.--(BUSINESS WIRE)--A dispute between Daiichi Sankyo Co., Ltd. (TSE: 4568) and Seagen Inc. is now concluded and Seagen has paid Daiichi Sankyo approximately U.S. $47 million in connection with attorneys’ fees and costs plus interest awarded by the arbitrator of the party’s dispute.
Arbitration History and the Award
In August of 2022, an arbitrator issued a decision in a dispute between Daiichi Sankyo and Seagen denying all claims made by Seagen and confirming that Daiichi Sankyo should retain all rights, including patents to its antibody drug conjugate (ADC) technology. In November of 2023, the arbitrator awarded Daiichi Sankyo approximately U.S. $45.5 million in attorneys’ fees and costs.
Seagen subsequently brought an action in federal court to vacate that arbitration award. On April 1, 2024, the federal court denied Seagen’s petition to vacate and awarded Daiichi Sankyo pre- and post-judgment interest on the attorneys’ fees and costs. The deadline to appeal the decision of the federal court in favor of Daiichi Sankyo passed without any filing of an appeal from Seagen.
About Daiichi Sankyo
Daiichi Sankyo is an innovative global healthcare company contributing to the sustainable development of society that discovers, develops and delivers new standards of care to enrich the quality of life around the world. With more than 120 years of experience, Daiichi Sankyo leverages its world-class science and technology to create new modalities and innovative medicines for people with cancer, cardiovascular and other diseases with high unmet medical need. For more information, please visit www.daiichisankyo.com.