Eureka Client Settles Litigation
 

March 23, 2008

Eureka's life-sciences team participated in the successful resolution of litigation between Protiva Biotherapeutics Inc. and Sirna Therapeutics, Inc. before the Superior Court of the State of California (San Francisco).

Eureka's client, Protiva, is a Vancouver, British Columbia-based, development-stage biotechnology company. Protiva's proprietary SNALP technology encapsulates and delivers nucleic-acid payloads, such as short-interfering RNA ("siRNA"), to specific sites of disease within the body.

Protiva alleged that Sirna breached the terms of their alliance agreement and misappropriated trade secrets about SNALP. Eureka calculated Sirna's unjust enrichment from the alleged misappropriation and Protiva's damages due to the alleged breach.

On October 16, 2007, the parties announced a settlement resolving all litigation between them. Protiva granted Sirna's parent company, Merck & Co., a non-exclusive license to SNALP for ongoing research and development of siRNA therapeutics. Protiva received a one-time payment plus potential milestone and royalty payments based upon the developmental progress of future products. Financial details were not disclosed.