Agensys Signs Collaboration and License Agreement with Genentech
SANTA MONICA, Calif.--(BUSINESS WIRE)--July 22, 2004--Agensys, Inc., a cancer biotechnology company, today announced an agreement with Genentech Inc. (NYSE:DNA - News) for the research, development and commercialization of therapeutic and diagnostic products to two of Agensys' proprietary cancer targets. The agreement provides Genentech with exclusive worldwide licenses under Agensys' patent rights for the development of specified therapeutic products and associated diagnostic applications. Genentech also acquires rights to certain monoclonal antibodies developed at Agensys and provides Agensys financial incentives to collaborate on developing additional antibodies to both targets, which would then fall under the license.
"This agreement leverages both our proprietary target discoveries and our capabilities in antibody product development," said Donald B. Rice, Chairman, President and CEO of Agensys. "Collaborating with Genentech, a world leader in cancer therapeutics, validates our strategy of pursuing multiple product opportunities and selected partnerships."
Under the terms of the agreement, the successful development and launch of antibody products to each target would trigger milestone payments that could exceed $90 million. Agensys would also receive royalties on the sales of therapeutic products and a share of the profits from diagnostic products. The subsequent development of non-antibody products would prompt additional comparable milestone and royalty payments. Genentech will be responsible for the development and commercialization of all therapeutic and associated diagnostic products, except for vaccine products and certain diagnostic applications, which rights were retained by Agensys. In addition to an upfront licensing payment, Genentech has made an equity investment in Agensys preferred stock.
About Agensys
Agensys, Inc. is a privately held biotechnology company that is developing a pipeline of therapeutic monoclonal antibodies to treat solid tumor cancers. These antibodies, many of which are fully human, are being generated to a diverse portfolio of proprietary, clinically relevant cancer targets that encompass 14 types of solid tumors. The Company has the capabilities to both develop and manufacture antibody products and, through a partnership with Abgenix, has access to the XenoMouse® technologies required to generate fully human antibodies. In parallel to developing certain antibody products, Agensys aims to establish partnerships to develop and commercialize selected antibody products, and to exploit small molecule, vaccine and diagnostic applications to its proprietary cancer targets. The Company's laboratories, GMP manufacturing facility and offices are located in Santa Monica, California. For further information about Agensys, please visit agensys.com. |
