Teva and Savient reach compromise with Novo Nordisk on growth hormone

The two Israeli companies will share patent rights with Novo Nordisk.

Savient Pharmaceuticals (Nasdaq: SVNT) has announced that it and Teva Pharmaceutical Industries (Nasdaq: TEVA; TASE: TEVA) have reached a partial settlement of their disputes over human growth hormone (hGH) intellectual property with Novo Nordisk.

The three parties have granted each other cross-licenses to any patents covering the hGH active ingredient.

An appeal of a District Court judgment regarding one portion of the dispute will continue, as will an interference proceeding in the US Patent and Trademark Office. As a result of the settlement, Teva and Savient have dropped their claims for attorneys' fees and damages for wrongful injunction.

Financial terms of the agreement were not disclosed. US sales of the growth hormone totaled $500 million last year.

Teva reportedly took on most of the legal costs in the case, which would have been a large burden for a company the size of Savient.

Published by Globes [online], Israel business news - www.globes.co.il - on February 3, 2005

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