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The University of Georgia missed the boat on earning millions of dollars by taking a "naive and shortsighted" licensing agreement for an invention used in an eye drop, according to a former professor of veterinary medicine.
The university and Dr. Renee Kaswan stand to make about $70 million from the eye drops Restasis, sold by Allergan Inc. But Kaswan says a deal the research foundation made with Allergan behind her back in 2003 has cost the university more than $220 million and cost her $100 million.
The deal allowed Allergan to reduce the royalties to the school and her in exchange for an upfront payment and additional later payments. University officials maintain the agreement guaranteed ...