ZymoGenetics Gets $21M From Bristol-Myers To Settle Patent Suit

Xconomy Seattle — 

ZymoGenetics said today it has agreed to accept a $21 million lump sum payment from Bristol-Myers Squibb to settle a patent dispute between the companies over Ig fusion proteins, according to a filing with the Securities and Exchange Commission. The Seattle-based biotech company (NASDAQ: ZGEN) said it dropped its patent lawsuit against the company, originally filed in August 2006, and granted a non-exclusive worldwide license to Bristol for the technology, which is used in its rheumatoid arthritis drug abatacept (Orencia.)