IMO-It is realistic. It has been one of their shifts in stratigic focus, to concentrate on such an area. An advantage I see is. There regular ho hum industrial enzyme business generates cash flow along with royalty income from ventures. The company is also profitable, so they don't have to fund development efforts from outside financing just yet anyway. IMO-I've noted in an earlier post there is also a lot of the old Corning culture left, in that they look for partners for joint ventures. This company also has ties with SGEN and more recently sold off it venture with EPMN for cash. If they can come up with a successfull launch of a product. I see them looking and wanting a marketing partner for such a product. Still far down the road for such a product. Maybe not to far down the road for a partner to share costs however. As with any investment. Do some D & D before investing. To know risks involved and exactly what your buying into. I personally like some of the ties to the biodegradable plastics efforts and some of the other ventures going on here.
SNIP
March 30, 2004
Genencor International, Inc. (Nasdaq: GCOR) today announced that it has agreed to sell its therapeutic vaccine program to Belgian biotechnology company Innogenetics N.V. (Euronext Brussels: INNX). Innogenetics will develop and commercialize current product candidates in Genencor’s vaccine product portfolio as well as future products based on intellectual property and technology held by Genencor. Genencor will recognize license fees in the first year totaling $10 million, and will receive further payments of up to $87 million as development milestones are achieved. Genencor will also receive royalty payments on product sales. Genencor plans to apply the funds from this transaction towards building and advancing its Targeted Biotherapeutics pipeline focused initially in cancer.
Genencor launched its research initiative in therapeutic vaccines in 2001 and announced its plan to create innovative immunotherapeutic products for chronic diseases caused by hepatitis B, human papillomavirus and hepatitis C.
The portfolio today consists of a clinical product candidate for hepatitis B, a preclinical boost candidate for hepatitis B, a research-stage lead compound for human papillomavirus, and a discovery platform for future hepatitis C product candidates. Genencor filed an Investigational New Drug application (IND) for its hepatitis B product candidate in 2003, and recently began Phase I safety and immunogenicity testing.
Under the agreement, this product portfolio and discovery platform will be assumed by Innogenetics for additional research, development and commercialization. Genencor’s research agreement and technology license from Epimmune Inc. will also be transferred as part of this transaction. After a short transition period with Genencor’s assistance, Innogenetics will fully manage the current Phase I clinical study of the HBV vaccine candidate. Genencor may provide additional research or development services to Innogenetics on a funded basis.
“This agreement underscores our ability to deliver on our promise of creating significant value in our health care business in a relatively short period of time,” said Genencor chairman, chief executive officer and president, Jean-Jacques Bienaimé. “We’re pleased to put this valuable program in the hands of a solid company like Innogenetics with commercial experience in viral disease markets.” |
