April 24, 2017 / 11:14 AM / 3 months ago

BRIEF-PDL BioPharma announces settlement of Keytruda lawsuit with Merck

1 Min Read

April 24 (Reuters) - PDL BioPharma Inc:

* PDL BioPharma announces settlement of Keytruda patent infringement lawsuit with Merck

* PDL BioPharma Inc - under terms of agreement, Merck will pay company a one time, lump-sum payment of $19.5 million

* PDL BioPharma Inc - company will grant Merck a fully paid-up, royalty free, non-exclusive license to certain of company's Queen et al

* PDL BioPharma Inc - in addition, parties agreed to dismiss all claims in relevant legal proceedings

* PDL BioPharma Inc - as a result of settlement, expect to recognize $19.5 million in license revenue for q2 ending june 30, 2017 Source text for Eikon: Further company coverage:

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