Q-Med AB, Medicis Pharmaceutical Corporation and Genzyme Corporation enter into Settlement Agreement
Pursuant to a license agreement with Medicis, Q-Med elected to assume the defence of Genzyme's claim.
On February 14, 2011 Q-Med, Medicis and Genzyme entered into a written settlement agreement whereby none of the parties admits any liability or wrongdoing relating to the claims in the lawsuit, and pursuant to which Genzyme has agreed to dismiss the case and release Medicis and Q-Med from any liability relating to the lawsuit, and has also agreed to a certain covenant not to sue in exchange for a lump sum payment by Q-Med to Genzyme. Medicis is not required to make any payment to Genzyme or Q-Med under the terms of the settlement agreement.
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