Merk settlementfrom stockhouse... funny thing was, i sent an email to Dr. Calais last night asking if there was anything developing that would affect the share price in the future. I was thinking of averaging down. I didn't add any before this, was thinking of doing it today. Would have been a double overnight if i had trusted my initial thoughts... yuck...
2009-06-05 08:45 ET - News Release
Dr. Philippe Calais reports
AMBRILIA SETTLES ITS ARBITRATION WITH MERCK
Ambrilia Biopharma Inc. has settled with Merck Sharp and Dohme Research Ltd. and Merck & Co. the arbitration pending before the International Court of Arbitration of the International Chamber of Commerce that concerned their exclusive licence agreement of Oct. 12, 2006, and a Nov. 14, 2003, confidentiality agreement. The terms of the settlement provide for the termination of the licence agreement and the confidentiality agreement that were a subject of the arbitration, resulting in the return to Ambrilia of its HIV/AIDS protease inhibitor (PI) program and licensed know-how and technology. This includes Ambrilia's lead compound, PPL-100, and related technology and compounds. The settlement agreement also provides for the payment by Merck to Ambrilia of an amount of $2-million (U.S.) within 10 business days of the settlement and a royalty for a period of 10 years from first commercial sale of a certain family of products, and the release of all claims made in the arbitration.
"With this settlement, the return of PPL-100 to Ambrilia strengthens our virology portfolio. We are now in a favourable situation to explore different strategic opportunities for our virology pipeline," said Dr. Philippe Calais, president and chief executive officer of Ambrilia.
We seek Safe Harbor.