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Biotech / Medical : Abgenix, Inc. (ABGX)
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To: Henry Niman who started this subject1/30/2004 9:10:07 AM
From: nigel bates   of 590
 
Abgenix to Receive Milestone Payment from Pfizer for Third IND from Ongoing Collaboration
Friday January 30, 8:30 am ET

FREMONT, Calif.--(BUSINESS WIRE)--Jan. 30, 2004--Abgenix, Inc. (Nasdaq:ABGX - News) announced today that it will receive a milestone payment from Pfizer (NYSE:PFE - News), triggered by Pfizer's recent filing of an Investigational New Drug (IND) application with the FDA. The IND filing by Pfizer is the third antibody product candidate to enter clinical studies from the companies' ongoing antibody research collaboration. Abgenix and its partners have now entered seven fully human antibodies into clinical trials.

"Our productive collaboration with Pfizer validates Abgenix's ability to generate viable antibody product candidates," said Ray Withy, Ph.D., president and chief executive officer of Abgenix. "We continue to develop a diversified pipeline that can deliver on the promise of antibodies in multiple therapeutic areas."

Abgenix's alliance with Pfizer began in December 1997 to provide Pfizer a license to Abgenix's antibody generation technology. The collaboration has since been expanded several times and now includes multiple antibody programs at Pfizer. Pfizer retains full development and commercialization rights to products resulting from the collaboration. Abgenix is entitled to license fees, milestone payments and royalties on product sales...
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