NEW YORK & BRITISH COLUMBIA, Canada--(BUSINESS WIRE)--Royalty Pharma and InNexus Biotechnology Inc. (OTCBB: IXSBF - News) (TSX VENTURE: IXS - News) today announced that Royalty Pharma has purchased a second royalty interest from InNexus in an additional product targeting cancer based on InNexus’ Dynamic Cross Linking (DXL™) antibody enhancement technology.
Under the terms of the agreement, Royalty Pharma exercised its option to purchase a second royalty interest for $2.5 million. Royalty Pharma purchased a first royalty interest from InNexus for $2 million in April 2007 and made an additional at-market equity investment in InNexus in the amount of $1 million ($1.01/share). The total purchase price for the two royalty interests may be increased by up to an additional $30 million for the two products if certain conditions are fulfilled.
Pablo Legorreta, Chief Executive Officer of Royalty Pharma, stated, “We are very excited to be working with Mr. Morhet and purchasing our second royalty interest from InNexus. We are pleased that InNexus has launched its first product based on their DXL™ technology into preclinical development and look forward to their future products, achievements and successes.”
Jeff Morhet, Chairman and Chief Executive Officer of InNexus, said, “Our partnership with Royalty Pharma has enabled us to launch into preclinical development our first product, DXL625, targeting lymphoma, which we are currently preparing for presentation to the Food & Drug Administration and filing an Investigational New Drug Application.” Morhet continued, “We are also excited to be poised to launch our second preclinical candidate also targeting cancer that will be part of the Royalty Pharma agreement.”
About Royalty Pharma
Royalty Pharma is the industry leader in acquiring revenue-producing intellectual property – principally royalty interests in marketed and late stage biopharmaceutical products with a market value of over $4.5 billion. Royalty Pharma currently owns a diversified portfolio or royalty interests in several high-quality blockbuster biopharmaceutical products, including Pfizer’s Lyrica®, Abbott’s Humira®, J&J/Centocor’s Remicade®, Amgen’s Neupogen® and Neulasta®, Genentech’s Rituxan®, Gilead’s Emtriva®, Truvada® and Atripla®, and Celgene’s Thalomid®.
The company has a ten year history of providing value to holders of royalty interests, including its $700 million purchase of the Lyrica® royalty from Northwestern University, its $650 million purchase of the Remicade® royalty from New York University, its $700 million purchase of the Humira® royalty from AstraZeneca plc, its joint $525 million acquisition with Gilead Sciences of Emory University’s emtricitabine royalty interest and its acquisitions of approximately 80% of Memorial Sloan Kettering’s U.S. and international royalty interests in Neupogen® and Neulasta® for over $400 million.
More information on Royalty Pharma is available at www.royaltypharma.com.
InNexus is a drug development company commercializing the next generation of monoclonal antibodies based on its Dynamic Cross Linking (DXL™) technology, which improves the potency of existing antibody products while opening new markets and disease applications. DXL™ antibodies utilize unique, novel and patented methods and technologies of InNexus.
InNexus is headquartered in British Columbia with principal management based in Scottsdale, Arizona on the campus of Mayo Clinic and has its own in–house developmental facilities. These development facilities provide validation of protein and peptide discoveries, enabling InNexus (and its strategic partners) to advance novel drug therapeutics and diagnostics. To learn more about InNexus, please visit www.ixsbio.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward–looking statements that involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Pablo Legorreta or Alexander Kwit, 212-883-0200
InNexus Biotechnology Inc.
Jeff Morhet or Wade Brooksby, 480-862-7500
Source: InNexus Biotechnology Inc.