Nektar, University of Alabama to settle litigation for $25 million

By Elaine Rigoli

Tampa, Fla., July 7 - Nektar Therapeutics Inc. and the University of Alabama in Huntsville (UAH) announced the settlement of UAH's litigation against Nektar and Milton Harris, the founder of Nektar Alabama and a former employee of UAH, in exchange for a total cash payment of $25 million.

Under the agreement, Nektar and Harris have jointly made an upfront payment totaling $15 million to UAH.

In addition, Nektar will pay UAH the sum of $1 million per year for 10 years. UAH currently plans to apply the funds toward its endowment and to fund scholarships for the entire campus, including chemistry and biology programs.

In exchange, UAH has agreed to dismiss all claims related to the Nektar PEGylation patent portfolio and Nektar has agreed to dismiss all counterclaims.

Nektar Therapeutics is a biopharmaceutical company based in San Carlos, Calif.

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