SOUTH SAN FRANCISCO, Calif. and FREMONT, Calif., July 11 /PRNewswire/ -- Just one month into their collaboration, scientists at Protein Design Labs, Inc. (Nasdaq: PDLI - news; PDL) have agreed to pursue several cancer antibody targets from Exelixis, Inc. (Nasdaq: EXEL - news).
``We are extremely pleased with the candidate targets that we will investigate more intensively for their contribution to tumor growth regulation, and believe that this new relationship brings substantial value to our oncology program,'' said Laurence Jay Korn, Ph.D., chief executive officer and chairperson of PDL. ``The targets Exelixis is delivering have novel properties, and may provide a unique approach to the treatment of cancer. While these are just the first steps, we have already seen promising results from this collaboration and expect it will continue to yield useful avenues for discovery.''
``There is already a lot of excitement surrounding our collaboration with Protein Design Labs, and we look forward to seeing the progress from these targets,'' stated George A. Scangos, Ph.D., president and chief executive officer of Exelixis. ``It's gratifying to see our work move forward aggressively in the hands of an excellent partner like PDL. We're all excited about the potential represented by antibodies against these first targets to emerge from our collaboration.''
The collaboration, signed in May 2001, utilizes Exelixis' expertise in target identification and validation to discover novel antibody targets, and PDL's proficiency in antibody and clinical development and manufacturing to create humanized antibodies for the diagnosis, prevention and treatment of cancer. Under the terms of the agreement, PDL purchased a $30 million convertible note, convertible after the first year into shares of Exelixis common stock, and will fund the Exelixis research at $4 million per year for a period of at least two years. PDL will receive an exclusive, worldwide license to develop antibodies against certain targets identified by Exelixis that are involved in cell growth, apoptosis (cell death) and proliferation. Exelixis will have the right to co-fund and co-develop antibodies resulting from the collaboration. For antibody products developed by PDL that Exelixis elects not to co-develop, Exelixis will be entitled to specified milestone payments and royalty payments on any product sales.
Protein Design Labs, Inc. is a leader in the development of humanized antibodies to prevent or treat various disease conditions. PDL currently has antibodies under development for autoimmune and inflammatory conditions, asthma and cancer. PDL holds fundamental patents in the U.S., Europe and Japan for its antibody humanization technology. Further information is available at www.pdl.com... |
