Xolair collaboration settlement
Executive Summary
Genentech, Novartis and Tanox settle disagreements over anti-IgE antibody collaboration that includes Xolair. Genentech and Novartis each pay Tanox $3.3 mil. for development costs of TNX-901, an agent with a mechanism of action similar to Xolair; Tanox relinquishes rights to manufacture Xolair in exchange for payments for Xolair produced and accelerated debt forgiveness. The collaboration was the result of a 1996 settlement (1"The Pink Sheet" June 15, 1996, T&G-8)...
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