FREMONT, Calif., Jan. 3 /PRNewswire-FirstCall/ -- Protein Design Labs,
Inc. (PDL) (Nasdaq: PDLI) today announced that it has entered into an
agreement with Merck & Co., Inc. that provides Merck with non-exclusive
licenses under PDL's humanization patents for antibodies developed by Merck
against two undisclosed antigens.
In exchange for the license grant, Merck will pay PDL an upfront licensing
payment, development milestones and royalties on future sales of any product
developed in association with this licensing agreement. Additional financial
terms were not disclosed.
"The licensing of our humanized antibody technology has been the driver
for a strong foundation of royalties to PDL, enabling us to advance our
pipeline and more recently, build a commercial operation focused on the acute
care hospital setting," said Mark McDade, Chief Executive Officer, PDL. "We
are pleased that Merck joins our extensive network of licensed partners."
PDL holds various important antibody-related patents, and has entered into
agreements with numerous pharmaceutical and biotechnology companies for rights
covering more than 40 humanized antibodies, more than half of which are in
clinical development.
About PDL
PDL is a biopharmaceutical company focused on the research, development
and commercialization of novel therapies for inflammation and autoimmune
diseases, acute cardiac conditions and cancer. PDL markets several
biopharmaceutical products in the United States through its hospital sales
force and wholly-owned subsidiary, ESP Pharma, Inc. As a leader in the
development of humanized antibodies, PDL has licensed its patents to numerous
pharmaceutical and biotechnology companies, some of which are now paying
royalties on net sales of licensed products. Companies currently holding
patent licenses for marketed products are Genentech, Inc. (Herceptin(R),
Xolair(R), Raptiva(R) and Avastin(TM)); MedImmune, Inc. (Synagis(R)); Roche
(Zenapax(R)); and Wyeth (Mylotarg(R)). Further information on PDL is available
at http://www.pdl.com .
Forward-Looking Statement
The information in this press release should be considered accurate only
as of the date of the release. PDL has no intention of updating and
specifically disclaims any duty to update the information in this press
release. This press release may contain forward-looking statements involving
risks and uncertainties and PDL's actual results may differ materially from
those in the forward-looking statements. Factors that may cause such
differences are discussed in PDL's filings with the Securities and Exchange
Commission.
NOTE: Protein Design Labs and the PDL logo are registered trademarks of
Protein Design Labs, Inc. Zenapax is a registered trademark of Roche.
Herceptin and Raptiva are registered trademarks and Avastin is a trademark of
Genentech, Inc. Xolair is a trademark of Novartis AG. Synagis is a
registered U.S. trademark of MedImmune, Inc. Mylotarg is a registered U.S.
trademark of Wyeth.
SOURCE Protein Design Labs, Inc.
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Related links:
http://www.pdl.com
CONTACT:
Ami Knoefler, Senior Director, Corporate
Communications and Investor Relations, +1-510-284-8851, or
aknoefler@pdl.com, or James R. Goff, Senior Director, Investor
Relations, +1-510-574-1421, or jgoff@pdl.com, both of Protein
Design Labs, Inc.
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