Biota defends Relenza settlement with GSK
Australian firm Biota has issued a statement to its shareholders explaining its decision to settle the case against UK drug giant GlaxoSmithKline over influenza drug Relenza (zanamivir).
The firm estimates its legal costs to proceed with the litigation at A$100.0 million ($89.0 million). On the other hand, royalties from Relenza had grown from less than A$600,000 when the case began to over A$20.0 million, which would have reduced the potential amount of compensation.
As such, the firm's board believe it was in shareholders' best interests to accept GSK's terms. Biota agreed to a A$20.0 million compensation payment and a promise that GSK will address their needs regarding Relenza.
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