Arbitration Dispute Between Daiichi Sankyo and Seagen Ends
DAIICHI SANKYO S/ADR (DSNKY)
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Source: Business Wire
Daiichi Sankyo received approximately U.S. $47 million from Seagen as awarded by the arbitrator for attorneys’ fees and costs plus interest 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 AwardIn 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 Se
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