Cyclacel Pharmaceuticals Inc. (CYCC, CYCCP) announced that it has entered into a definitive agreement with Celgene Corporation (CELG) to sell to Celgene four Cyclacel-owned patents related to the use of romidepsin injection. In connection with the agreement Celgene has made to Cyclacel a one-time payment of $5.5 million.
As a result, the litigation between Cyclacel and Celgene in the United States District Court for the District of Delaware is moot.
Cyclacel and Celgene have filed a joint stipulation and order for dismissal requesting the Court to enter an order dismissing the litigation.
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