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Biotech / Medical : Abgenix, Inc. (ABGX) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (258)	7/17/2003 12:45:50 AM
From: Miljenko Zuanic	Read Replies (1) \| Respond to of 590

<< I think it is more probable that it is a new target they are talking about.>> I somehow agree. <<Would they btw. be able to collect a new milestone if it was the same target (i.e. a back-up mAb replacing a failed one).>> Yes, I think so. This is not development collaboration, so every time partner move candidate into human trials they should collect milestone. It will be nice to know what is PFE doing with first candidate. Maybe they are happy with it, so more confidence with next one??? :) Miljenko

To: Icebrg who wrote (258)	10/14/2003 4:19:40 PM
From: Icebrg	Read Replies (2) \| Respond to of 590

Abgenix and Amgen Clarify Responsibilities for ABX-EGF Tuesday October 14, 4:04 pm ET [The folks at Amgen like to call the shots without interference from their collaborators. They did something similar with Genmab and Humax-IL15]. FREMONT, Calif. and THOUSAND OAKS, Calif., Oct. 14 /PRNewswire/ -- Abgenix (Nasdaq: ABGX - News) and Amgen Inc. (Nasdaq: AMGN - News) today announced that Abgenix and Amgen's wholly owned subsidiary, Immunex Corporation, have amended their agreement for ABX-EGF to clarify clinical development, manufacturing and commercialization responsibilities. ABX-EGF, a fully human monoclonal antibody directed against the epidermal growth factor receptor (EGFr), is in multiple clinical studies for several oncology indications. Under the amended agreement, Immunex will have decision-making authority for development and commercialization activities. Under a separate agreement, Abgenix will manufacture both clinical and early commercial supplies of ABX-EGF with Immunex's support and assistance. The companies will continue to share program costs equally, as well as worldwide operating profits from future sales of ABX-EGF. "We believe this amended agreement provides the optimal structure to advance the ABX-EGF program quickly and efficiently," said Dr. Raymond Withy, CEO and President of Abgenix. "Our manufacturing capabilities will be critical to the late stage development and potential launch of this exciting product candidate." Under the amendment, Immunex will make available to Abgenix $60 million in the form of advances that may be used by Abgenix to fund its share of development and commercialization costs for ABX-EGF after Abgenix has contributed $20 million toward development costs in 2004. The amount of any advances drawn by Abgenix, plus interest, may be repaid out of profits resulting from future product sales. However, Abgenix is not obligated to repay any portion of the loan if ABX-EGF does not reach commercialization.