Fred, read and evaluate. I have nothing more to say.
Miljenko
Message 19409916
Meg Malloy, Goldman Sachs - Analyst [12]
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OK, fine. And if I may, just in terms of the antibodies -- have they been --
have any of the antibodies targets yet been chosen? And should we think about
minimal annual payments in terms of, you know, requisite work that might
required, you know, per year?
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Raymond Withy, CEO, President and Director - Abgenix, Inc. [13]
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Meg, let me briefly describe the structure of the collaboration. So, this
alliance is about developing a portfolio of novel targeted antibody therapeutics
in cancer. And so we have entered this alliance bringing our antibody
technology. AstraZeneca is bringing its oncology expertise.
The first portfolio of 36 antibody products that will flow through this
alliance. Some have already been developed and maybe moved into the alliance.
These come from Abgenix's existing preclinical portfolio. We indicated last
year, I think, that we would find a partner for the preclinical products that we
had developed.
But importantly, the companies will work together on the identification of
targets to put into the alliance. The companies will -- Abgenix will then use
its XenoMouse/XenoMax technologies to make panels of fully human antibodies.
We will then both conduct preclinical research to identify lead candidates.
Abgenix will then be responsible for the later preclinical and early clinical
activities. Abgenix will also be responsible for developing a sell line in
process sciences, manufacture of clinical material and eventual commercial
manufacture.
Now, we will each share our own expenses for the early discovery work and early
preclinical work. And from then on, AstraZeneca will pay Abgenix for the late
preclinical and early clinical work as well as all of the process sciences and
manufacturing work.
AstraZeneca will then be responsible for later stage clinical development and
commercialization at its own expense. So, what it does for us is provide medium
term revenue from our activities in early clinical process sciences and
manufacturing as well as later stage for royalties.
Along the way, may receive milestone payments as we reach various stages of
development. So, that gives you an overview, I think, of the deal's structure.
We're obviously not going to disclose or estimate current payments, but that
roughly shows when and in what general order the activities will be performed
in. |
