Vice Chancellor Myron Steele approved a lawsuit settlement that will provide about $44 million to investors who claim they were underpaid when marketing rights to a drug developed for heart patients were sold to Eli Lilly and Co.
A unit of PaineWebber Inc. bought limited partnership units in a Centocor Inc. subsidiary that was developing the heart drug ReoPro. In 1992, Centocor sold the exclusive marketing rights to ReoPro and other items to Eli Lilly for $100 million. However, only $500,000 of the transaction was attributed to the purchase of ReoPro’s marketing rights.
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