Genmab Announces Initial Resolution of Its Second Arbitration Under License Agreement with Janssen
COPENHAGEN, Denmark; April 21, 2023 – Genmab A/S (Nasdaq: GMAB) announced today an award in the second arbitration arising under its license agreement with Janssen Biotech, Inc. (Janssen) for daratumumab. The arbitral tribunal dismissed Genmab’s claims, on the basis that they should have been brought in the first arbitration. One of the three arbitrators dissented. Genmab has the right to seek review of the award, which it must do within a limited period of time. Genmab is currently considering its options.
Genmab’s dismissed claims were a claim for milestone payments with respect to the subcutaneous formulation of daratumumab (“SC daratumumab,” marketed as DARZALEX FASPRO® in the United States) and a claim for a new 13-year royalty term, on a country-by-country basis, from the date of the first commercial sale of SC daratumumab in each such country.
In accordance with the license agreement, the arbitration was conducted before a tribunal of three arbitrators under the rules of the CPR Institute for Dispute Resolution for Non-Administered Arbitration. Genmab has the right to seek review of the award, before a single “appeal arbitrator,” which it must do within a limited period of time. The award has no effect on Genmab’s financial guidance and the milestone payments are not included in our current financial guidance published on February 22, 2023.
This arbitration remains confidential, subject to the parties’ disclosure obligations under applicable law. Other than pursuant to these obligations, Genmab does not intend to comment further or to provide additional information regarding the arbitration. Genmab’s various collaborations with Janssen will continue.
Genmab is an international biotechnology company with a core purpose guiding its unstoppable team to strive towards improving the lives of patients through innovative and differentiated antibody therapeutics. For more than 20 years, its passionate, innovative and collaborative team has invented next-generation antibody technology platforms and leveraged translational research and data sciences, which has resulted in a proprietary pipeline including bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function enhanced antibodies and antibody-drug conjugates. To help develop and deliver novel antibody therapies to patients, Genmab has formed 20+ strategic partnerships with biotechnology and pharmaceutical companies. By 2030, Genmab’s vision is to transform the lives of people with cancer and other serious diseases with Knock-Your-Socks-Off (KYSO) antibody medicines.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark with locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S. and Tokyo, Japan. For more information, please visit Genmab.com and follow us on Twitter.com/Genmab.
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Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; DuoBody in combination with the DuoBody logo®; HexaBody®; HexaBody in combination with the HexaBody logo®; DuoHexaBody® and HexElect®. DARZALEX FASPRO®is a trademark of Johnson & Johnson.
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