Biotech Values

[DewDiligence]

MDCO reaches $214M contingent settlement with the law firm that negligently filed one day past the deadline for statutory extension of the US Angiomax patent:

http://finance.yahoo.com/news/The-Medicines-Company-and-iw-1411854858.html?x=0&.v=1

The $214M payment kicks in only if the FDA approves a generic Angiomax prior to 6/15/15, the date to which the US Angiomax patent would have been extended if the request for an extension had been filed with the US PTO on time. What’s notable about this settlement amount is that it exceeds the insurance coverage of the law firm, WilmerHale.