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Daiichi Sankyo Confirms that a Texas Court has Entered Judgment on the Jury Verdict in Seagen Patent Dispute
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Daiichi Sankyo Co., Ltd. confirmed that the U.S. District Court for the Eastern District of Texas upheld a jury's April 8, 2022, finding of willful patent infringement involving ENHERTU® and awarded $41.8 million in damages to Seagen. However, the Court did not enhance the damages despite the willfulness finding. Daiichi Sankyo intends to contest the judgment and assess any financial impact for the fiscal year ending March 31, 2023, because the Court has yet to rule on potential running royalties on future ENHERTU® sales until the patent expiration in 2024.
Positive
Daiichi Sankyo is actively exploring post-trial motions to contest the judgment.
The Court's decision on enhancement of damages indicates a strategic opportunity for Daiichi Sankyo.
Negative
The awarded damages of $41.8 million may adversely affect financials for fiscal year ending March 31, 2023.
Uncertainty regarding potential running royalties on ENHERTU® sales until 2024 could impact future revenue.
No Enhancement of Damages Awarded by Court Despite Jury’s Finding of Willfulness
TOKYO & BASKING RIDGE, N.J.--(BUSINESS WIRE)--
Daiichi Sankyo Co., Ltd. (TSE: 4568) (hereinafter, Daiichi Sankyo) confirmed today that the U.S. District Court for the Eastern District of Texas has entered judgment on the April 8, 2022 jury verdict finding that ENHERTU® infringes Seagen’s U.S. Patent 10,808,039 (the ’039 patent), that the infringement was willful, and awarding Seagen $41.8 million in damages. Despite the jury’s finding of willfulness, the Court decided under the totality of the circumstances that enhancement (an increase) of damages was not warranted, and therefore did not enhance the damages award.
Daiichi Sankyo will continue to vigorously defend its rights and explore available post-trial motions and remedies to contest the judgment and damages awarded to Seagen.
The Court has not yet addressed whether to award a running royalty on future sales of ENHERTU® until the expiry of the ’039 patent in 2024. Any impact on Daiichi Sankyo’s consolidated financials for fiscal year ending March 31, 2023, is currently being evaluated and will be announced as soon as possible.
About Daiichi Sankyo
Daiichi Sankyo is dedicated to creating new modalities and innovative medicines by leveraging our world-class science and technology for our purpose “to contribute to the enrichment of quality of life around the world.” In addition to our current portfolio of medicines for cancer and cardiovascular disease, Daiichi Sankyo is primarily focused on developing novel therapies for people with cancer as well as other diseases with high unmet medical needs. With more than 100 years of scientific expertise and a presence in more than 20 countries, Daiichi Sankyo and its 16,000 employees around the world draw upon a rich legacy of innovation to realize our 2030 Vision to become an “Innovative Global Healthcare Company Contributing to the Sustainable Development of Society.” For more information, please visit: www.daiichisankyo.com.
What was the outcome of the recent court ruling involving Daiichi Sankyo (DSNKY) and Seagen?
The U.S. District Court ruled that Daiichi Sankyo's ENHERTU® infringed Seagen’s patent, awarding $41.8 million in damages but not enhancing these damages despite a finding of willfulness.
How might the court ruling affect Daiichi Sankyo's financial performance?
The $41.8 million damages may negatively impact Daiichi Sankyo's consolidated financials for the fiscal year ending March 31, 2023.
What future implications does the court ruling have for Daiichi Sankyo's ENHERTU® sales?
The court has not yet determined potential running royalties on future ENHERTU® sales until the patent expiration in 2024.
What actions is Daiichi Sankyo taking after the court's ruling?
Daiichi Sankyo plans to vigorously defend its rights and explore post-trial motions related to the judgment.
