Arbitration Dispute Between Daiichi Sankyo and Seagen Ends [Yahoo! Finance]
DAIICHI SANKYO S/ADR (DSNKY)
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Source: Yahoo! Finance
TOKYO & BASKING RIDGE, N.J., June 28, 2024 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. Th
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