More parking (but interested if anyone has heard anything on this collaboration) -
HUMAN GENOME SCIENCES, INC. In March 2000, we entered into a collaboration
and license agreement with Human Genome Sciences, Inc. Under this agreement HGSI
and we are using our phage display technology to identify and optimize product
leads that bind to therapeutic targets selected by HGSI. We granted HGSI a
non-exclusive license to our phage display technology and compound libraries to
create leads that may be used as peptide drugs, human monoclonal antibody drugs
and IN VITRO diagnostic products. With the exception of selected IN VIVO imaging
rights that will be granted to us, HGSI will retain the rights to all products
that result from this collaboration for therapeutic, IN VITRO diagnostic, and
research reagents for research use. In exchange, HGSI is required to pay us a
minimum of $16.0 million in committed license fees and research funding during
the first three years of the five year research term, $6.0 million of which was
paid in March 2000. We will also be entitled to receive potential milestone
payments of up to $8.0 million per therapeutic product developed by HGSI under
this collaboration. We will receive royalties on all products developed by HGSI
under the collaboration and will share HGSI's revenues on any of those products
that it outlicenses. This agreement will terminate upon the expiration of the
last to expire of the parties' royalty obligations under the agreement. The
parties' royalty obligations will expire on a country by country and product by
product basis on the later of ten years after the first country wide launch of a
product or the expiration of the last to expire of the applicable product
patents. If, for example, a U.S. patent is issued covering products developed
under this agreement, then the royalty obligations will terminate on the earlier
of ten years from the date of first commercial sale of a product or twenty years
after the patent application filing date. Currently, no products have been
developed under this collaboration and no product patent applications have been
filed. Either party may terminate this agreement upon failure to pay amounts due
for thirty days or upon any material breach if not cured within sixty days... |
