OSS, Netherlands and PRINCETON, N.J., May 16 /PRNewswire-FirstCall/ -- Organon, the human health care business unit of Akzo Nobel, and Medarex, Inc. (Nasdaq: MEDX - News) today announced that they have entered into a collaborative agreement to develop and potentially commercialize fully human antibody therapeutics for the treatment of cancer and auto-immune disorders, utilizing Medarex's UltiMAb Human Antibody Development System® and Organon's expertise in drug discovery and development.
Under the terms of the agreement, Medarex and Organon plan to share development and commercialization responsibilities on any antibody-based therapeutics resulting from this collaboration, and to share revenues generated from the sale of such therapeutic products. Financial terms were not disclosed.
"We have recently increased our efforts in Cambridge, Massachusetts, to identify novel biologicals which will be effective treatments for auto-immune and oncological disorders, this additional collaboration with Medarex represents a further step towards becoming a very effective biological drug hunting company," said David Nicholson, executive vice president R&D at Organon.
"We are pleased with the opportunity to expand our relationship through this new partnership with Organon, and we look forward to working collaboratively with them on the development of potential new cancer and auto- immune biotherapeutics," said Irwin Lerner, Chairman of the Board of Directors and Interim President and CEO of Medarex.
Organon creates, manufactures and markets innovative prescription medicines that improve the health and quality of human life. Through a combination of innovation and business partnerships, Organon seeks to leverage its position as a leading biopharmaceutical company in each of its core therapeutic fields: fertility, gynecology and selected areas of anesthesia. It has extensive expertise in neuroscience and a rich and focused R&D program. Research areas also include immunology and specific areas of oncology. Organon products are distributed in over 100 countries worldwide, of which more than 50 have an Organon subsidiary. Organon is the human healthcare business unit of Akzo Nobel.
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its UltiMAb® technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. More than 30 of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with six of the most advanced product candidates currently in Phase III clinical trials. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world's unmet healthcare needs. For more information about Medarex, visit its website at http://www.medarex.com.
For Organon: Safe Harbor Statement *
This press release may contain statements which address such key issues as Akzo Nobel's growth strategy, future financial results, market positions, product development, pharmaceutical products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, progress of drug development, clinical testing and regulatory approval, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business please see our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission, a copy of which can be found on the company's corporate website http://www.akzonobel.com. The 2006 Annual Report on Form 20-F will be available in the second quarter of 2007.
* Pursuant to the U.S. Private Securities Litigation Reform Act 1995.
Medarex Statement on Cautionary Factors
Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risks associated with product development, unforeseen safety issues resulting from the administration of antibody products in humans, as well as risks detailed from time to time in Medarex's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2006. There can be no assurance that the product development efforts will succeed, or whether developed products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of Medarex's public disclosure filings are available from its investor relations department.
Medarex®, the Medarex logo and UltiMAb® are registered trademarks of Medarex, Inc. All rights are reserved.
Source: Medarex, Inc.
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