>>THE WOODLANDS, Texas, Dec. 18 /PRNewswire-FirstCall/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - News) announced today the formation of an alliance with Genentech, Inc. (NYSE: DNA - News) to discover new therapeutic proteins and antibody targets.
Under the terms of the three-year alliance, Lexicon will work to discover the physiological function and potential medical use of high-priority genes identified through Genentech's drug discovery research program. Genentech obtains certain exclusive and non-exclusive rights for the research, development and commercialization of therapeutic proteins and antibodies resulting from the collaboration. Separately, Lexicon granted Genentech an internal use sublicense under the patent covering its isogenic DNA gene targeting technology.
Lexicon will receive an upfront payment, performance based payments and a convertible loan that together could total up to $39 million if all such performance milestones are met. Under the terms of the agreement, Lexicon will be eligible to receive pre-commercialization product development milestone payments for each product incorporating or targeting an alliance protein for which Genentech obtains exclusive commercialization rights, and also will be entitled to receive royalties on net sales of all such products.
"Genentech has built an impressive intellectual property and product portfolio with respect to a large number of potential therapeutic proteins," said Dr. Arthur T. Sands, president and chief executive officer of Lexicon. "We look forward to combining Genentech's portfolio with Lexicon's in vivo drug discovery capabilities."
A conference call will be held on Wednesday, December 18, 2002 at 10:00 a.m. EST. The webcast can be viewed at lexicon-genetics.com. It will be archived through December 27, 2002. Conference call participants may dial: 800/967-7137 (domestic), 719/457-2627 (international). A replay of the call will be available through December 27, 2002. Replay numbers: 888/203-1112 (domestic), 719/457-0820 (international). Pass code for all callers: 340908.<<
snip
Cheers, Tuck |
