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On December 21, 2022, Alkermes Received An Interim Award In Its Arbitration Proceedings With Janssen Pharmaceutica N.v., A Subsidiary Of Johnson & Johnson, In Respect Of Janssen's Partial Termination In The U.S Of Two License Agreements With The Co

Benzinga · 01/06/2023 08:37

On December 21, 2022, Alkermes plc (together with its subsidiaries, the “Company”) received an interim award (the “Interim Award”) in its arbitration proceedings with Janssen Pharmaceutica N.V. (“Janssen”), a subsidiary of Johnson & Johnson, in respect of Janssen’s partial termination in the United States of two license agreements with the Company. In the Interim Award, the arbitral tribunal (the “Tribunal”) agreed with Alkermes’ position that, while Janssen may terminate the agreements, it may not continue to sell Products (as defined in the agreements) developed during the term of the agreements without paying royalties pursuant to the terms of the respective agreements. Alkermes will engage with Janssen and the Tribunal in additional proceedings prior to the Tribunal’s issuance of a final award.