Anika Therapeutics (ANIK) Reports Dismissal of MONOVISC Suit

March 13, 2014 8:56 AM EDT
Anika Therapeutics, Inc. (Nasdaq: ANIK) announced that Roche's (OTCBB: RHHBY) Genzyme Corporation (plaintiff) and Anika Therapeutics, Inc. (defendant) filed a joint motion with the United States District Court for the District of Massachusetts to lift a stay and dismiss a patent infringement lawsuit concerning MONOVISC. MONOVISC, a single-injection treatment for osteoarthritis pain of the knee, received FDA PMA approval in February 2014. The court granted the parties’ motion and issued an order dismissing the litigation with prejudice on March 10, 2014. This final and unappealable order resolves the parties’ dispute and is another important milestone toward commercialization of the product in the United States.

MONOVISC is marketed in the U.S. by DePuy Synthes, Mitek Sports Medicine (“Mitek”). Under the license agreement with Mitek, Anika will receive a milestone payment of $17.5 million upon an irrevocable resolution of the Genzyme litigation allowing Mitek and Anika to make, use, and sell MONOVISC without infringing the Genzyme intellectual property. The agreement also calls for potential additional payments contingent on achieving certain performance and sales threshold milestones, in addition to product transfer and royalty fees.

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