20th Dec 2016 08:27
LONDON (Alliance News) - Silence Therapeutics PLC on Tuesday said it has reached a settlement in the arbitration process with licensee Quark Pharmaceuticals over a milestone payment that Silence argued it was due.
Silence instigated an arbitration process against Quark in April with regards to a milestone payment it argued it was due after trials were started by Quark on delayed graft function and acute kidney injury treatments using Silence technology.
Silence Therapeutics is focused on the development of ribonucleic acid therapeutics for serious diseases.
On Tuesday, Silence said the pair have resolved their dispute, and Silence will get a USD1.0 million cash payment. It also will receive 2.0% royalties from Quark on the products, plus milestone payments, or 15% of the clinical, regulatory and commercial milestone payments and royalties received by Quark from its partner, Swiss drugmaker Novartis AG.
"We are pleased to resolve this matter and now look forward to the efficacy readouts in these indications of high unmet need," said Ali Mortazavi, Silence's chief executive.
Shares in Silence were up 1.3% Tuesday at 107.88 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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