Indications -- Psoriasis/Chronic Inflammation Message Board

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Biotech / Medical : Indications -- Psoriasis/Chronic Inflammation

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To: scaram(o)uche who started this subject	11/26/2002 9:30:28 AM
From: scaram(o)uche	of 631

Celltech Announces Receipt of CDP 870 Phase III Milestone Payment From Pharmacia Tuesday November 26, 9:16 am ET SLOUGH, England, Nov. 26 /PRNewswire-FirstCall/ -- Celltech Group plc (NYSE: CLL - News; LSE: CCH - News) announced today that it has received a $10 million milestone payment from Pharmacia Corporation (NYSE: PHA - News), relating to the initiation of Phase III clinical development with CDP 870 in rheumatoid arthritis during October 2002. This payment will be reflected as other operating income in Celltech's second half financial results. Under the terms of Celltech's collaboration on CDP 870 with Pharmacia, announced in March 2001, it could receive further milestone payments of up to $220 million subject to the achievement of certain development and sales milestones. The significant majority of these milestone payments will be based on the achievement of certain sales levels. Contacts: Peter Allen Finance Director (44) (0) 1753 534655 Richard Bungay Director of Corporate Communications Jon Coles Brunswick (London) (44) (0) 207 404 5959 Fiona Fong Brunswick (London) (44) (0) 207 404 5959 Cindy Leggett-Flynn Brunswick (New York) (1) (212) 333 3810 Celltech Group plc (NYSE: CLL - News; LSE: CCH - News) is one of Europe's largest biotechnology companies, with an extensive late stage development pipeline and a profitable, cash-generative pharmaceutical business. Celltech also possesses drug discovery capabilities of exceptional strength, including a leading position in antibody engineering. More details can be found at celltechgroup.com. Notes: CDP 870 is a high-affinity humanised PEGylated antibody fragment targeting TNF-alpha, a key mediator of inflammation, being developed in collaboration with Pharmacia under a worldwide co-development and co-promotion agreement announced in March 2001. Pharmacia made an upfront payment of $50 million to Celltech following signature of this deal. In October 2002 Pharmacia initiated a large Phase III clinical development programme with CDP 870 as a treatment for rheumatoid arthritis. Celltech is currently finalising plans for Phase III clinical development of CDP 870 as a treatment for Crohn's disease, expected to commence during 2003. (snip)

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