SillaJen Settles Milestone Payment Lawsuit with US Partner for 5.5 Billion KRW... Agreement Reached

[Asia Economy Reporter Minwoo Lee] On the 19th, SillaJen announced that it reached a settlement with the plaintiff in the milestone (contingent payment) claim lawsuit filed by Fortis Advisors in the Delaware Superior Court in the United States. The case was closed as Fortis Advisors, the legal representative of the existing shareholders of the U.S. biotech company Generics, which was acquired by SillaJen, withdrew the lawsuit.

SillaJen stated, "While denying related legal liabilities, we settled to alleviate the increasing costs and burdens of litigation defense due to prolonged litigation." The settlement amount is $4.85 million (approximately 5.54355 billion KRW).