FREMONT, Calif., Nov. 6 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
announced today the completion of its previously announced acquisition of
ImmGenics, Inc., a privately-held biotechnology company located in Vancouver,
Canada. Abgenix will exchange approximately US$77 million (CAN$110 million)
of its stock for all of ImmGenics shares and options. The transaction closed
today after approval by both companies' boards of directors, shareholders and
by Canadian regulatory authorities.
ImmGenics' technology involves screening antibodies directly from
antibody-producing B cells rather than from hybridoma cell lines. This
provides a much larger pool of candidates than are available with traditional
hybridoma technology. ImmGenics' technology provides access to the complete
immune response for the identification of antibodies with the desired
functional properties and highest affinities. Abgenix estimates that this
difference is between 100 and 1000 fold. In addition to providing greater
antibody diversity, eliminating the hybridoma generation step will allow
Abgenix to shorten product development timelines.
Abgenix is a biopharmaceutical company focused on the development and
commercialization of antibody therapies for a variety of diseases. The
company 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 uses its XenoMouse
technology to build a large and diversified product portfolio through the
establishment of licensing arrangements with multiple pharmaceutical,
biotechnology and genomics companies and through the development of its own
internal proprietary products. For more information on Abgenix, visit the
company's website at http://www.abgenix.com.
Statements made in this press release about Abgenix's XenoMouse
technology, ImmGenics' 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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CONTACT:
Ina Cu-Unjieng, Manager, Investor/Public
Relations of Abgenix, Inc., 510-608-4662
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