KRYS - Krystal Biotech reaches settlement with PeriphaGen in trade secret litigation

Krystal Biotech (NASDAQ:KRYS) said it reached an agreement with PeriphaGen to resolve all claims in the trade secret litigation filed by PeriphaGen on May 20, 2020. Under the conditions of the term sheet, Krystal will receive all of PeriphaGen’s biological materials and skin assets and will pay PeriphaGen $25M within 10 days of the completion of a final settlement agreement. The companies are expected to enter into a final settlement agreement within 45 days of March 12, 2022. Upon approval of Krystal’s first product by the U.S. Food and Drug Administration (FDA), the company will pay an additional $12.5M, followed by three additional $12.5M milestone payments upon reaching $100M, $200M and $300M in total cumulative sales. The company said the settlement contains no admission of liability or wrongdoing. The company said the case is expected to be formally dismissed within a month.

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Krystal Biotech reaches settlement with PeriphaGen in trade secret litigation