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Novo Nordisk, Genentech Settle Lawsuit

June 30, 1998|Bloomberg News

Novo Nordisk, the world's largest maker of diabetes treatments, and Genentech Inc., one of the world's biggest biotech companies, said they settled a patent infringement dispute. Under the settlement, Novo Nordisk and Genentech will cross-license certain patents worldwide relating to human growth hormone, and Novo Nordisk will receive a worldwide license under Genentech patents relating to insulin for which Genentech will receive undisclosed payments. The agreement ends a legal battle that's dragged on for more than four years and paves the way for Novo Nordisk of Denmark to enter the $500-million-a-year U.S. market for human growth hormones. The U.S. market is now dominated by South San Francisco-based Genentech and Eli Lilly & Co. of Indianapolis, said Charles Engelberg, an analyst with Americal Securities. Genentech officials weren't immediately available for comment. Genentech shares rose 75 cents to close at $68.13 on the New York Stock Exchange.

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