TTY Biopharm announced on the 21st that it has reached an out-of-court settlement with Switzerland-based Inopha AG and its beneficial owner, Denis Opitz, resolving all public disputes arising from the drug licensing agreements signed between 2008 and 2012. All related licensing agreements between the two parties have been terminated as part of the settlement.

The settlement allocates approximately NT$470 million to TTY Biopharm. More than half of this amount will be retained to cover litigation expenses and other anticipated costs, while nearly half, over NT$200 million, will be recognized as non-operating income in TTY’s financial statements in the first half of this year.

The termination of the 13 drug licensing agreements signed with Inopha AG since 2008 is expected to benefit TTY Biopharm’s development, contract manufacturing, and overseas licensing efforts for these products.

TTY Biopharm has agreed to withdraw all lawsuits against Inopha AG and Denis Opitz related to these licensing agreements and has committed not to pursue further legal action regarding the canceled agreements.

TTY Biopharm stated that, after careful consideration, the company, along with Inopha AG and Denis Opitz, officially signed the settlement agreement on January 21.

Resource: 東洋獲和解金 業外進補