Protein Design Labs, Inc. Grants Patent Licenses To Merck & Co., Inc. For Humanized Antibodies Against Two Undisclosed Antigens
FREMONT, Calif., Jan. 3 /PRNewswire-FirstCall/ -- Protein Design Labs, Inc. (PDL) today announced that it has entered into an agreement with Merck & Co., Inc. that provides Merck with non-exclusive licenses under PDL's humanization patents for antibodies developed by Merck against two undisclosed antigens.
In exchange for the license grant, Merck will pay PDL an upfront licensing payment, development milestones and royalties on future sales of any product developed in association with this licensing agreement. Additional financial terms were not disclosed.
"The licensing of our humanized antibody technology has been the driver for a strong foundation of royalties to PDL, enabling us to advance our pipeline and more recently, build a commercial operation focused on the acute care hospital setting," said Mark McDade, Chief Executive Officer, PDL. "We are pleased that Merck joins our extensive network of licensed partners."
PDL holds various important antibody-related patents, and has entered into agreements with numerous pharmaceutical and biotechnology companies for rights covering more than 40 humanized antibodies, more than half of which are in clinical development.
PDL is a biopharmaceutical company focused on the research, development and commercialization of novel therapies for inflammation and autoimmune diseases, acute cardiac conditions and cancer. PDL markets several biopharmaceutical products in the United States through its hospital sales force and wholly-owned subsidiary, ESP Pharma, Inc. As a leader in the development of humanized antibodies, PDL has licensed its patents to numerous pharmaceutical and biotechnology companies, some of which are now paying royalties on net sales of licensed products. Companies currently holding patent licenses for marketed products are Genentech, Inc. (Herceptin(R), Xolair(R), Raptiva(R) and Avastin(TM)); MedImmune, Inc. (Synagis(R)); Roche (Zenapax(R)); and Wyeth (Mylotarg(R)). Further information on PDL is available at http://www.pdl.com .
The information in this press release should be considered accurate only as of the date of the release. PDL has no intention of updating and specifically disclaims any duty to update the information in this press release. This press release may contain forward-looking statements involving risks and uncertainties and PDL's actual results may differ materially from those in the forward-looking statements. Factors that may cause such differences are discussed in PDL's filings with the Securities and Exchange Commission.
NOTE: Protein Design Labs and the PDL logo are registered trademarks of Protein Design Labs, Inc. Zenapax is a registered trademark of Roche. Herceptin and Raptiva are registered trademarks and Avastin is a trademark of Genentech, Inc. Xolair is a trademark of Novartis AG. Synagis is a registered U.S. trademark of MedImmune, Inc. Mylotarg is a registered U.S. trademark of Wyeth.Protein Design Labs, Inc.
CONTACT: Ami Knoefler, Senior Director, Corporate Communications andInvestor Relations, +1-510-284-8851, or email@example.com, or James R.Goff, Senior Director, Investor Relations, +1-510-574-1421, firstname.lastname@example.org, both of Protein Design Labs, Inc.
Web site: http://www.pdl.com/