Singapore, Nov 5, 2008: Dong-A Pharmaceutical, a Korean pharmaceutical company, has won the case in an international arbitration brought by an US biotech venture.

The unnamed US company alleged that Dong-A breached the terms of a patent and technology license agreement that covered an experimental cancer vaccine therapy. In response, Dong-A counterclaimed for termination of the license agreement. Last month, the US tribunal terminated the claim that sought damages in excess of $100 million.

 

The matter was brought before arbitrators appointed by the International Center of Dispute Resolution of the American Arbitration Association in April last year. In August 2008, the parties entered into an agreement by which the claimant agreed to submit a consent terminating the claim.