Biosite Shares Rise After Dispute Is Resolved
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Biosite Inc., maker of medical diagnostic tests, resolved a licensing dispute with partner Xoma Ltd., which had alleged that Biosite infringed patents. The news sent shares of San Diego-based Biosite up 25%, or $5.22, to $25.77 on Nasdaq. Berkeley-based Xoma rose 36 cents to $5.91, also on Nasdaq.
Biosite uses technology licensed from Xoma in manufacturing antibodies for tests to detect drug overdoses and heart disease.
Xoma, a biotechnology company, last year accused Biosite of breaching the companies’ contract and said it wanted to renegotiate the 1999 agreement.
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