Update: Clal Biotech And Hyperion Agree To Seek Resolution

October 7, 2014 | Clal Biotechnology and Hyperion Therapeutics have agreed to seek a resolution to their dispute regarding the sale of Andromeda Biotechnology to Hyperion. Just a month ago, Hyperion cancelled its acquisition of Andromeda after it reportedly uncovering evidence that the later company falsified clinical trial results of its Type I diabetes treatment. In response to the pull back, Clal Biotechnology promptly sued Hyperion for $200 million, but now the two companies will meet to attempt to solve the matter. According to the agreement, Clal Biotechnology must examine the efficacy of marketing Andromeda to another buyer, and in exchange, Hyperion will fund the current study into the DiaPep277 treatment. The parties also agreed to an interim period that will continue until October 31st in which neither side will take legal action.