Synergen Securities Fraud Class Action

TBS was appointed class counsel in this litigation against one of the world’s largest biotechnology companies.  The Class consisted of limited partners in Synergen Clinical Partners, L.P. (“SCP”), a partnership formed to fund the development and clinical trials of products derived from interleukin-1 receptor antagonist (“IL-1ra”), a genetically engineered version of a natural protein.  Settlement was reached in 1998 and provided for an immediate payment of approximately $13.8 million to eligible Class members.  The settlement required Amgen to pay another $9 million to the Class if the FDA approved an IL-1ra product for market.  On November 14, 2001, the FDA did approve Amgen's application for Kineret, an IL-1ra product used to treat rheumatoid arthritis.  The Milestone Payment was distributed to eligible members of the Class in February 2002.  Amgen will be required to pay another $50 million to the Class if IL-1ra product cumulative revenues exceed $650 million before December 30, 2020, which would bring the total settlement to $82 million.