Protein Design Labs (PDLI): Stock strong Message Board

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Biotech / Medical : Protein Design Labs (PDLI): Stock strong

PDLI 2.470

0.0%

Jan 18 4:00 PM EST

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From: idos	8/20/2008 5:30:38 AM
	of 407

Bristol-Myers buys rights to PDL BioPharma drug Tuesday August 19, 6:30 pm ET Bristol-Myers pays $30 million for rights to PDL BioPharma's experimental blood cancer therapy PRINCETON, N.J. (AP) -- Drugmaker Bristol-Myers Squibb Co. said Tuesday it will pay $30 million to acquire rights to an experimental treatment for blood cancer from PDL BioPharma Inc. Under the agreement, PDL could earn up to $680 million in additional payments if the drug meets certain development and sales milestones. The antibody, called elotuzumab, is currently in preliminary testing. The treatment binds to a protein associated with blood cancer, also called multiple myeloma, allowing the immune system to kill cancer cells while sparing healthy cells. The companies will share development costs, with Bristol-Myers Squibb providing 80 percent of the funding and PDL 20 percent. They would share profits on U.S. sales of the drug, with PDL receiving royalties on sales outside the U.S. The agreement also provides an option to expand the collaboration to another experimental antibody, PDL241, after preliminary testing. Shares of Bristol-Myers Squibb Co. fell 27 cents Tuesday to close at $21.48 while shares of Redwood City, Calif.-based PDL BioPharma rose 3 cents to close at $11.80.

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