Alkermes reports interim award in arbitration proceedings with Janssen

In a regulatory filing, Alkermes (ALKS) disclosed that on December 21, 2022, the company received an interim award in its arbitration proceedings with Janssen Pharmaceutica N.V., a subsidiary of Johnson & Johnson (JNJ), in respect of Janssen’s partial termination in the United States of two license agreements with the company. "In the Interim Award, the arbitral tribunal agreed with Alkermes’ position that, while Janssen may terminate the agreements, it may not continue to sell Products developed during the term of the agreements without paying royalties pursuant to the terms of the respective agreements. Alkermes will engage with Janssen and the Tribunal in additional proceedings prior to the Tribunal’s issuance of a final award. In accordance with the license agreements, the arbitration is being conducted pursuant to the Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration before a panel of three arbitrators. Alkermes does not intend to comment or provide additional information regarding the arbitration at this time," the filing stated.