AstraZeneca PLC (LSE:AZN) is set to pay out US$775mln to settle a patent dispute between its recently acquired rare diseases business Alexion and the Chugai Pharmaceutical Company.
The litigation relates to a drug called Ultomiris, used to treat paroxysmal nocturnal hemoglobinuria and atypical haemolytic uraemic syndrome – two life-threatening conditions.
The Anglo-Swedish drug giant said it will take a charge related to the settlement in its first-quarter numbers; however, it does not affect the current financial guidance.
AZ shares opened flat at £93.50 each, valuing the business at £145bn.