Abgenix and Genentech Extend Antibody Technology Licensing Agreement
Monday March 14, 9:00 am ET
FREMONT, Calif., March 14 /PRNewswire-FirstCall/ -- Abgenix, Inc. (Nasdaq: ABGX - News) announced today that Genentech, Inc. (NYSE: DNA - News) has exercised its option to extend its technology licensing agreement with Abgenix for an additional three years. Under the extended agreement, Genentech will have access to Abgenix's proprietary antibody generation technology. As a condition of exercising the option, Genentech has purchased Abgenix common stock representing less than one percent of Abgenix's outstanding common stock through a private placement subject to future registration. Abgenix may also receive future milestone payments and fees as antibody programs advance through the collaboration, as well as future royalties on any products that may be successfully commercialized by Genentech.
"We are pleased with Genentech's decision to extend our agreement as we feel it demonstrates the potential of our XenoMouse® technology," said Gayle Mills, Senior Vice President of Business Development at Abgenix. "We look forward to working with Genentech to leverage our technology to support their research and development activities."
In 1999 Genentech signed an agreement with Abgenix to license the Abgenix technology. Under the agreement Abgenix provides Genentech with the XenoMouse technology for use in Genentech's product development activities.
Abgenix is a biopharmaceutical company focused on the discovery, development and manufacturing of human therapeutic antibodies. Several antibodies generated with the company's proprietary technology are currently in the clinical phase of development, including the company's lead antibody candidate, panitumumab, an antibody to the epidermal growth factor receptor (EGFr) that is currently in pivotal clinical trials as a third line treatment for metastatic colorectal cancer. Abgenix is codeveloping panitumumab with Amgen, Inc.
About Abgenix
Abgenix is a biopharmaceutical company focused on the discovery, development and manufacturing of human therapeutic antibodies. The company's antibody development platform includes a leading technology and state-of-the- art manufacturing capabilities that enable the rapid generation, selection and production of high affinity, fully human antibody product candidates to a variety of disease targets. Abgenix leverages its leadership position in human antibody technology to build a diversified product portfolio through its own development efforts and through the establishment of collaborations with multiple pharmaceutical and biotechnology companies. For more information on Abgenix, visit the company's website at www.abgenix.com. |
