Hanall Biopharma Loses ICC Arbitration Over HL161 License Termination with Harbour BioMed
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TL;DR
- Hanall Biopharma initiated arbitration to terminate HL161 license with Harbour BioMed.
- The ICC tribunal ruled the termination notice invalid.
- The license agreement between the parties remains in effect.
Overview
A tribunal constituted under the International Chamber of Commerce (ICC) has ruled against Hanall Biopharma in its attempt to terminate a license agreement with Harbour BioMed concerning the biologic product HL161. The tribunal found Hanall's notice of termination invalid, thereby upholding the existing agreement between the parties.
What Happened
Hanall Biopharma sought to terminate a license agreement related to HL161, a biologic product, with its partner Harbour BioMed.
Hanall Biopharma issued a notice of termination regarding the license.
Harbour BioMed disputed the termination, leading to arbitration proceedings before an ICC tribunal.
The ICC tribunal ruled that Hanall's notice of termination was invalid, affirming that the license agreement remains in force.
Context
The dispute centers on a licensing relationship between Hanall Biopharma, a biopharmaceutical company, and Harbour BioMed regarding HL161, a biologic that may have significant commercial potential.
Arbitration was conducted under the rules of the International Chamber of Commerce, a common forum for resolving cross-border contract disputes.
Why It Matters
- The ruling preserves Harbour BioMed's contractual rights to HL161 under the original license.
- It signals the ICC's willingness to uphold licensing contracts where termination procedures are disputed.