Cambridge, U.K.-based Abzena plc settled its legal dispute with Stanford University over certain service contracts with the company's PacificGMP unit.
In August of 2017, Stanford University sued Abzena, along with its Abzena Inc. and PacificGMP units, in the Superior Court of the State of California. The U.S. educational institution's complaint claimed $3 million of compensatory damages, with additional punitive damages, expenses and interest.
The main issue of Stanford's complaint happened before Abzena acquired PacificGMP in September 2015.
Abzena said it will use the $1.5 million held in escrow since the PacificGMP deal to cover all costs associated with the settlement.
The company also noted that the settlement has no material impact on the company's business and operations.
