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Biotech / Medical : HuMAB companies -- Ignore unavailable to you. Want to Upgrade?

To: keokalani'nui who wrote (77)	11/7/2000 2:28:07 PM
From: keokalani'nui	Respond to of 1022

Monday November 6, 4:30 pm Eastern Time Press Release SOURCE: Abgenix, Inc. Abgenix Completes Acquisition of ImmGenics FREMONT, Calif., Nov. 6 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX - news) announced today the completion of its previously announced acquisition of ImmGenics, Inc., a privately-held biotechnology company located in Vancouver, Canada. Abgenix will exchange approximately US$77 million (CAN$110 million) of its stock for all of ImmGenics shares and options. The transaction closed today after approval by both companies' boards of directors, shareholders and by Canadian regulatory authorities. ImmGenics' technology involves screening antibodies directly from antibody-producing B cells rather than from hybridoma cell lines. This provides a much larger pool of candidates than are available with traditional hybridoma technology. ImmGenics' technology provides access to the complete immune response for the identification of antibodies with the desired functional properties and highest affinities. Abgenix estimates that this difference is between 100 and 1000 fold. In addition to providing greater antibody diversity, eliminating the hybridoma generation step will allow Abgenix to shorten product development timelines.