NEW YORK (AP) -- Cyclacel Pharmaceuticals Inc. said Thursday it is selling four patents related to the cancer drug Istodax to Celgene Corp. for $5.5 million.
The agreement resolves a dispute over the patents. Cyclacel said Celgene asked a court to invalidate the patents in April 2010. Cyclacel later sued Celgene, saying it was infringing on the patents.
Cyclacel, based in Berkeley Heights, N.J., said the patents involved the use and administration of Istodax, a drug that is used to treat cutaneous and peripheral T-cell lymphoma.
The companies have asked a Delaware district court to dismiss the litigation. Cyclacel said the dismissal of the lawsuits will allow it to concentrate on drug development.
The Food and Drug Administration approved Istodax in November 2009.
Celgene is based in Summit, N.J., and it is one of the world's biggest biotechnology companies. Its biggest-selling drug is the bone marrow cancer treatment Revlimid.
Celgene shares rose 65 cents to $116.20 in premarket trading Thursday, while Cyclacel shares were steady at $5.40.
- Pharmaceuticals & Drug Trials