FREMONT, Calif. and ROCKVILLE, Md., Jan. 10
/PRNewswire-FirstCall/ -- CoGenesys, a division of Human Genome Sciences, Inc.
(Nasdaq: HGSI), and PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) today announced
that the companies have entered into a worldwide licensing agreement that
provides PDL certain exclusive rights to intellectual property for an
undisclosed target antigen discovered by Human Genome Sciences.
Under terms of the agreement, CoGenesys is entitled to an upfront
licensing fee, development milestone payments and royalties on future sales of
antibody therapeutics developed by PDL against the target. PDL also will
provide CoGenesys with access to its antibody humanization technology
platform. Additional terms were not disclosed.
"We are delighted to partner with CoGenesys to enable further development
of this novel preclinical therapeutic program," said Richard Murray, Ph.D.,
Senior Vice President, Chief Scientific and Technical Officer, PDL. "We
believe this is an exciting and promising target, one that reflects the
novelty and strength of our early stage pipeline."
"We are pleased that our CoGenesys division has completed the agreement
with PDL and look forward to supporting PDL's progress in developing
innovative antibody-based therapeutics based on the target antigen to which
rights have been granted," said H. Thomas Watkins, President and Chief
Executive Officer of Human Genome Sciences. "We are also pleased that the
agreement provides CoGenesys with access to PDL's humanization platform, which
will help enable CoGenesys' own internal discovery and development programs."
PDL BioPharma, Inc. is a biopharmaceutical company focused on discovering,
developing and commercializing innovative therapies for severe or life
threatening illnesses. The company currently markets and sells a portfolio of
leading products in the acute-care hospital setting in the United States and
Canada and generates royalties through licensing agreements with top-tier
biotechnology and pharmaceutical companies based on its pioneering humanized
antibody technology. Currently, PDL BioPharma's diverse late-stage product
pipeline includes six investigational compounds in Phase 2 or Phase 3 clinical
development for hepatorenal syndrome, inflammation and autoimmune diseases,
cardiovascular disorders and cancer. For more information, go to http://www.pdl.com.
Human Genome Sciences is a company with the mission to discover, develop,
manufacture and market innovative drugs that serve patients with unmet medical
needs, with a primary focus on protein and antibody drugs. For additional
information on Human Genome Sciences, please visit http://www.hgsi.com. In December
2005, Human Genome Sciences announced the decision to spin off CoGenesys
(which will include the license agreement with PDL) as an independent company,
contingent on a successful completion of CoGenesys funding.
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 contains forward-looking statements involving
risks and uncertainties, including statements regarding the development of
antibodies against a target antigen, and PDL's actual results may differ
materially from those in the forward-looking statements. Factors that may
cause such differences include the company's ability to successfully develop
antibodies directed to the target antigen and other factors discussed in PDL's
filings with the Securities and Exchange Commission.
PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL
BioPharma, Inc. HGS, Human Genome Sciences and CoGenesys are trademarks of
Human Genome Sciences, Inc.
SOURCE PDL BioPharma, Inc.
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Related links:
http://www.pdl.com
CONTACT:
Ami Knoefler, Corporate or Investor
Relations, +1-510-284-8851, ami.knoefler@pdl.com, or James R.
Goff, Investor Relations, +1-510-574-1421, or james.goff@pdl.com,
both of PDL BioPharma
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