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AstraZeneca sells rights over two patented cancer drugs, South Korea introduces IP backed financing and more

BananaIP Counsels > Intellectual Property  > AstraZeneca sells rights over two patented cancer drugs, ...

AstraZeneca sells rights over two patented cancer drugs, South Korea introduces IP backed financing and more

India and foreign patent news

In this week’s Patent News – IP filings by IIT-Delhi increase by 20% in 2019; Juvisé Pharmaceuticals acquires commercial rights for two cancer drugs from AstraZeneca; Saudi Authority for Intellectual Property conducts training program; South Korea encourages IP backed financing

India Patent News

IP filings by IIT-Delhi increase by 20% in 2019

According to an Economic times report, IIT-Delhi has apparently filed about 150 intellectual property applications in connection with patents, designs and other forms of IP, in India as well as other countries in 2019, thereby marking an increase  of about 20% in IP applications filed back in 2018. In addition to the rise in IP filings, according to the Director of IIT-Delhi, Ramgopal Rao, the Institute has exhibited an increase in revenue by four times as a result of IP Licensing. The Director also said that “We have initiated programs to foster increased student and faculty participation in deep-technology startups that are backed by strong IP.”

Patent Disputes /Infringement / Settlement / Licensing

AstraZeneca sells rights over two patented cancer drugs

Pharmaceutical giant, AstraZeneca has sold its commercial rights in respect of two cancer drugs, namely, Arimidex and Casodex, to a French company called Juvisé Pharmaceuticals. The cancer drugs are essentially used to treat Breast cancer and Prostate cancer. AstraZeneca has currently sold its commercial rights in certain European and African countries, prior to this in 2017, the company sold its commercial rights in the U.S.A. The French company has paid $181 million to AstraZeneca, it may also make sales-contingent payments in the tune of up to $17 million, in the future.

BTL Aesthetics file patent infringement lawsuit against Allergen and one other

BTL Aesthetics, a leading manufacturer of advanced non-invasive medical and aesthetic equipment recently filed a suit against Allergan and Zimmer MedizinSysteme GmbH, Germany, and its affiliate for infringing its patent rights. The suit has been instituted in the U.S. Federal District Court for the District of Delaware. According to BTL, the law suit is related to a device called ‘Cooltone,’ manufactured by Zimmer for Allergen and another method of therapy called ‘Coolsculpting’ which infringes BTL’s patent for their therapeutic application. In addition to seeking monetary damages, the company had also filed for an injunction to prevent Allergen from importing and marketing the concerned device.

International Patent News

Saudi Authority for Intellectual Property conducts training program

Saudi Authority for Intellectual Property (SAIP) conducted a training program at its headquarters in Riyadh for its support centers. While the program was inaugurated by the CEO of SAIP, Dr. Abdulaziz bin Muhammad Al-Suwailem, more that 60 trainees from government as well as private centers participated in the training program. A number of field experts shared their experiences and knowledge with the objective to promote a healthy IP ecosystem in the kingdom.

SAIP is a body that was established in 2018 by the National Council of Minister’s to regulate, promote and protect intellectual property in the Kingdom of Saudi Arabia (KSA). However, SAIP officially began to function in early 2019.

South Korea encourages IP backed financing

The Korean Intellectual Property Office (KIPO) recently announced that the Office will offer a 50% discount with respect to its annual IP fees exclusively for banks which accept patents, utility model and design rights generated by Small and Medium Enterprises (SME’s) as collateral. According to a press release, KIPO aims to expand administrative and financial benefits for SME’s that make new technology and for banks that offer loans to SME’s based on IP assets. In addition to the benefits for SME’s, Startups will have the opportunity to claim 70% reduction in fees at the time of filing a request for Preferential Examination for a patent application. KIPO also said “By reducing the financial burden for lenders, we expect to further invigorate IP-backed financing.”

Authored by Vibha Amarnath

About BIP’s Patent Attorneys

The patent news bulletin is brought to you by the patent division of BananaIP Counsels, a top patent and IP firm in India. Led by Senior Partners, Somashekar Ramakrishna, Nitin Nair and Vinita Radhakrishnan, BIP’s Patent Attorneys are among the leading patent practitioners in the country. They work with clients such as Mahindra and Mahindra, Samsung, HCL, Eureka Forbes, to name a few. The patent attorneys at BIP have strong technical and legal expertise in areas such as IT/Software, Artificial Intelligence (AI), Machine Learning, Data Analytics, Electronics and Telecommunication, Mechanical, Automotive, Green Energy, Traditional Medicine and Bio/Pharma domains. The firm is a first choice for clients looking for support in patent filing, prosecution, management and strategy in India, and across the world.

This weekly patent news bulletin is a part of their pro bono work, and is aimed at spreading patent awareness. You are free to share the news with appropriate attribution and backlink to the source.

If you have any questions, or need any clarifications, please feel free to write to [email protected]

Disclaimer: Kindly note that the news bulletin has been put together from different sources, primary and secondary, and BananaIP’s reporters may not have verified all the news published in the bulletin. You may write to [email protected] for corrections and take down.

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