Expanded Agreement Potentially Covers Large Number of Antibody Products
FREMONT, Calif., March 6 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
today announced that it has signed an agreement providing
Millennium Pharmaceuticals, Inc. (Nasdaq: MNLM) with extensive access to
Abgenix's XenoMouse(TM) technology for the creation of fully human antibodies.
Abgenix will receive an undisclosed upfront payment and potential future
payments that could reach $100 million plus royalties on product sales.
Under this new agreement, Millennium will have broad access to Abgenix's
XenoMouse technology for research purposes as well as commercial use. In
exchange for this comprehensive technology access, Millennium will make an
undisclosed payment to Abgenix, followed by a second payment within two years,
subject to the achievement of agreed-upon milestones. The agreement can be
expanded to cover additional products for further payments. Millennium will
receive an undisclosed number of commercial licenses without any further fees
or milestone payments.
"We are delighted to be working with Abgenix, a world leader in human
antibody generation technology," said Christopher Mirabelli, Ph.D., president,
pharmaceutical research and development of Millennium. "Millennium holds a
very strong position in therapeutic antibody development. We expect to launch
CAMPATH(R), our most advanced monoclonal antibody later this year, following
successful review by the Food and Drug Administration (FDA), and our pipeline
of antibodies includes three product candidates in both clinical and
preclinical development with dozens of additional monoclonal antibody targets
under review. The addition of the Abgenix technology will help Millennium
continue to build our pipeline of potent, refined and selective antibody
therapeutics."
"Combining Abgenix's XenoMouse technology with Millennium's impressive
capabilities and expertise in identifying and validating targets, provides a
strong foundation upon which to generate antibody products candidates," said
R. Scott Greer, president and CEO of Abgenix. "We are pleased to be expanding
our collaborative relationship with Millennium, a leader in the genomics
field."
Genomics research facilitates the discovery of genes involved in various
diseases. These genes encode proteins that may be implicated in causing or
preventing disease or other medical disorders. Modulating levels of these
proteins with small molecule drugs or antibodies may represent a therapeutic
opportunity. Using XenoMouse technology, antibody product candidates can be
generated to these protein targets very quickly.
"Recognizing the important role genomics research will play in the future
of medicine, Abgenix has established significant alliances with three leading
genomics companies: Millennium, Curagen and Human Genome Sciences," stated
Greer. "While each collaboration is unique and we see them as complimentary,
taken together they potentially cover over 200 product candidates."
Antibodies are naturally occurring proteins used by the body's immune
system to combat many diseases. As therapeutic products, antibodies have
several potential advantages over other therapies. The highly specific
interaction between an antibody and its target may, for example, reduce
unwanted side effects that may occur with other therapies. Fully human
antibodies are desirable because they avoid the risk of rejection present with
mouse or partial mouse antibodies.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapies for the treatment of such conditions as
transplant-related diseases, inflammatory and autoimmune disorders,
cardiovascular disease, infectious diseases, and cancer. For more information
on Abgenix, visit the company's Web site at http://www.abgenix.com.
Abgenix developed XenoMouse(TM) technology to enable the rapid generation
of high affinity, fully human antibody product candidates to essentially any
disease target appropriate for antibody therapy. Abgenix has collaborative
arrangements with multiple pharmaceutical, genomics and biotechnology
companies involving its XenoMouse technology. In addition, Abgenix has
multiple proprietary antibody product candidates under development internally,
three of which are in human clinical trials for graft-versus-host disease,
psoriasis, rheumatoid arthritis, and cancer.
Statements made in this press release about Abgenix's XenoMouse
technology, product development activities and collaborative arrangements
other than statements of historical fact, are forward looking statements and
are subject to a number of uncertainties that could cause actual results to
differ materially from the statements made, including risks associated with
the success of clinical trials, the progress of research and product
development programs, the regulatory approval process, competitive products,
future capital requirements and the extent and breadth of Abgenix's patent
portfolio. Please see Abgenix's public filings with the Securities and
Exchange Commission for information about risks that may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Kurt Leutzinger, Chief Financial Officer of
Abgenix Inc., 510-608-6575
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