REGENXBIO wins unanimous award of over $33 million issued against former licensee in AAA arbitration
Clients REGENXBIO Inc.
Jones Day, on behalf of REGENXBIO Inc., secured a unanimous final award of over $33 million from a three-member AAA panel following a multi-day arbitration against REGENXBIO's licensee Abeona Therapeutics Inc. Abeona filed a surprise arbitration in 2020, claiming breach of contract and $59 million in damages based on an alleged failure to receive notice of a Patent Term Extension application on one of several patents that REGENXBIO had licensed to Abeona. The licensed patents relate to viral vectors for use in medical treatments. REGENXBIO counterclaimed for $28 million for unpaid license payments plus interest. The arbitration proceeded with a compressed schedule for fact and expert discovery, leading to a remote trial in March 2021. The AAA panel denied Abeona's claims in their entirety and awarded REGENXBIO the full amount sought in its counterclaim.
Abeona Therapeutics, Inc. v. REGENXBIO Inc., American Arbitration Association, AAA Case No. 01-21-0016-0896