The lawsuit between the University of Pennsylvania and Craig Thompson, the CEO of Memorial Sloan-Kettering Cancer Center in New York has been settled, reports Fierce Biotech. As Pharmalot's Ed Silverman recounts, the Abramson Family Cancer Research Institute at UPenn sued Thompson, its former scientific director, for using intellectual property belonging to the school to found Agios Pharmaceuticals. Penn asked for $1 billion in damages, while Thompson denied the charges.
Penn and Agios have settled the suit, and have now announced a new licensing agreement, Fierce Biotech adds. "We are pleased to be moving forward in a collaborative manner around newly identified intellectual property," says Chi Van Dang from the Abramson Cancer Center at Penn in a statement. "We look forward to working with Agios on this project and potentially other unrelated projects in the future."