Sankyo/Cygnus settlement
This article was originally published in The Gray Sheet
Executive Summary
Sankyo Pharma agrees to pay $30 mil. to dissolve an agreement to distribute Cygnus' GlucoWatch G2 Biographer diabetes monitors in the U.S., companies announce Dec. 23. The settlement requires Sankyo to provide transition services related to product distribution for six months and to give Cygnus the title to its remaining inventory of GlucoWatch products, approximately 20,000 G2 Biographers and 1 mil. AutoSensors.Cygnus had sued Sankyo for breach of contract and laid off 60% of its workforce, following Sankyo's decision to terminate the deal (1"The Gray Sheet" Nov. 17, 2003, In Brief). Cygnus notes it is in discussions with potential distributors...
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