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1/8/2008 8:30:23 AM
PRINCETON, N.J., CAMBRIDGE, Mass., & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Ophthotech Corp. (“Ophthotech”), a privately held biopharmaceutical company focused on developing ophthalmic therapies for back-of-the-eye diseases, Biogen Idec Inc. (NASDAQ: BIIB) and PDL BioPharma, Inc. (NASDAQ: PDLI) today announced that they have entered into an exclusive worldwide licensing agreement for an anti-angiogenesis antibody to treat Age-Related Macular Degeneration (AMD). Under the terms of the agreement, Biogen Idec and PDL have granted Ophthotech worldwide development and commercial rights to all ophthalmic uses of volociximab (M200). Volociximab is an investigational monoclonal antibody targeting a5ß1 integrin, a key protein involved in the formation of blood vessels, a process known as angiogenesis. Biogen Idec and PDL will each receive an equity position in Ophthotech as well as a combination of development milestone payments and royalties on future product sales. Other terms, including financial terms, related to the agreement have not been disclosed.
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