IGEN awarded $505M

January 10, 2002 Posted: 2152 GMT

NEW YORK (Reuters) -- IGEN International Inc. said Thursday that a Maryland jury awarded it $505 million in total damages in its long-running legal dispute with Swiss pharmaceuticals group Roche Holding Ltd.

IGEN, a maker of biological detection systems used for clinical testing, pharmaceutical research, and food and water safety testing, said the 11-member Maryland jury awarded it $400 million in punitive damages and $105 million in compensatory damages.

IGEN (IGEN: Research, Estimates) had asked for $709 million in compensatory damages, as well as punitive damages.

Roche's diagnostics unit has been contesting claims by IGEN since 1997 that it breached licensing agreements covering IGEN technology. Some analysts had said damages could top $1 billion.

IGEN said the jury confirmed its rights to terminate the licensing agreement with Roche and confirmed IGEN's rights to Roche's Elecsys Systems diagnostics product line. It is also entitled to certain technologies owned or developed by Roche, including PCR, a nucleic acid amplification technology.

Shares of Gaithersburg, Md.-based IGEN were halted on the Nasdaq pending the news of the ruling. The shares last traded at $38.09.