Monday March 6, 4:24 pm Eastern Time
Company Press Release
SOURCE: Abgenix, Inc.
Abgenix and Millennium Form Broad Human
Antibody Collaboration
Expanded Agreement Potentially Covers Large Number of Antibody Products
FREMONT, Calif., March 6 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX - news) today announced that it has signed an
agreement providing Millennium Pharmaceuticals, Inc. (Nasdaq: MNLM - news) with extensive access to Abgenix's
XenoMouse(TM) technology for the creation of fully human antibodies. Abgenix will receive an undisclosed upfront payment
and potential future payments that could reach $100 million plus royalties on product sales.
Under this new agreement, Millennium will have broad access to Abgenix's XenoMouse technology for research purposes as
well as commercial use. In exchange for this comprehensive technology access, Millennium will make an undisclosed payment
to Abgenix, followed by a second payment within two years, subject to the achievement of agreed-upon milestones. The
agreement can be expanded to cover additional products for further payments. Millennium will receive an undisclosed number
of commercial licenses without any further fees or milestone payments.
``We are delighted to be working with Abgenix, a world leader in human antibody generation technology,' said Christopher
Mirabelli, Ph.D., president, pharmaceutical research and development of Millennium. ``Millennium holds a very strong position
in therapeutic antibody development. We expect to launch CAMPATH©, our most advanced monoclonal antibody later this
year, following successful review by the Food and Drug Administration (FDA), and our pipeline of antibodies includes three
product candidates in both clinical and preclinical development with dozens of additional monoclonal antibody targets under
review. The addition of the Abgenix technology will help Millennium continue to build our pipeline of potent, refined and
selective antibody therapeutics.'
``Combining Abgenix's XenoMouse technology with Millennium's impressive capabilities and expertise in identifying and
validating targets, provides a strong foundation upon which to generate antibody products candidates,' said R. Scott Greer,
president and CEO of Abgenix. ``We are pleased to be expanding our collaborative relationship with Millennium, a leader in
the genomics field.'
Genomics research facilitates the discovery of genes involved in various diseases. These genes encode proteins that may be
implicated in causing or preventing disease or other medical disorders. Modulating levels of these proteins with small molecule
drugs or antibodies may represent a therapeutic opportunity. Using XenoMouse technology, antibody product candidates can
be generated to these protein targets very quickly.
``Recognizing the important role genomics research will play in the future of medicine, Abgenix has established significant
alliances with three leading genomics companies: Millennium, Curagen and Human Genome Sciences,' stated Greer. ``While
each collaboration is unique and we see them as complimentary, taken together they potentially cover over 200 product
candidates.'
Antibodies are naturally occurring proteins used by the body's immune system to combat many diseases. As therapeutic
products, antibodies have several potential advantages over other therapies. The highly specific interaction between an antibody
and its target may, for example, reduce unwanted side effects that may occur with other therapies. Fully human antibodies are
desirable because they avoid the risk of rejection present with mouse or partial mouse antibodies.
Abgenix is a biopharmaceutical company that develops and intends to commercialize antibody therapies for the treatment of
such conditions as transplant-related diseases, inflammatory and autoimmune disorders, cardiovascular disease, infectious
diseases, and cancer. For more information on Abgenix, visit the company's Web site at www.abgenix.com.
Abgenix developed XenoMouse(TM) technology to enable the rapid generation of high affinity, fully human antibody product
candidates to essentially any disease target appropriate for antibody therapy. Abgenix has collaborative arrangements with
multiple pharmaceutical, genomics and biotechnology companies involving its XenoMouse technology. In addition, Abgenix has
multiple proprietary antibody product candidates under development internally, three of which are in human clinical trials for
graft-versus-host disease, psoriasis, rheumatoid arthritis, and cancer.
Statements made in this press release about Abgenix's XenoMouse technology, product development activities and
collaborative arrangements other than statements of historical fact, are forward looking statements and are subject to a number
of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the
success of clinical trials, the progress of research and product development programs, the regulatory approval process,
competitive products, future capital requirements and the extent and breadth of Abgenix's patent portfolio. Please see
Abgenix's public filings with the Securities and Exchange Commission for information about risks that may affect Abgenix.
SOURCE: Abgenix, Inc. |
