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I-Mab (NASDAQ:IMAB) stated an arbitration tribunal awarded no damages to Tracon Prescribed drugs (NASDAQ:TCON) associated to a collaboration settlement however the firm must pay a part of Tracon’s authorized charges of ~$13.5M.
Chinese language biotech I-Mab famous that the arbitration was referring to 1) a collaboration settlement to co-develop I-Mab’s proprietary CD73 antibody uliledlimab (TJD5) (TJD5 settlement); and a couple of) a collaboration settlement to probably co-develop I-Mab’s bi-specific antibodies (BsAb settlement).
I-Mab stated the tribunal decided that the TJD5 settlement was terminated for a pre-agreed termination charge of $9M plus curiosity payable by I-Mab underneath the unique deal, and subsequently Tracon has no rights to share any future economics with I-Mab.
The arbitration award denied Tracon’s damages declare of over $200M for any breach underneath the BsAb settlement and awarded no damages to Tracon, I-Mab added.
The tribunal additionally confirmed the termination of the BsAb settlement, in keeping with the corporate.
Nonetheless, based mostly on the arbitration award, I-Mab will bear a portion of Tracon’s authorized charges and prices of about $13.5M.
“This is a vital victory for I-Mab and its shareholders on a number of ranges, each from a authorized and enterprise standpoint, as I-Mab efficiently protected and preserved its shareholder’s worth and I-Mab’s rights of its proprietary CD73 antibody, uliledlimab, and bi-specific antibody property,” stated Andrew Zhu, president and performing CEO, I-Mab.
I-Mab intends to speed up growth and world partnership for uliledlimab and bi-specific antibody property, which have the potential to create worth for it as quickly as early 2024.
TCON -15.73% to $1.50 premarket April 25
