FREMONT, Calif. and ROCKVILLE, Md., Jan. 10 /PRNewswire-FirstCall/ -- CoGenesys, a division of Human Genome Sciences, Inc. , and PDL BioPharma, Inc. (PDL) today announced that the companies have entered into a worldwide licensing agreement that provides PDL certain exclusive rights to intellectual property for an undisclosed target antigen discovered by Human Genome Sciences.
Under terms of the agreement, CoGenesys is entitled to an upfront licensing fee, development milestone payments and royalties on future sales of antibody therapeutics developed by PDL against the target. PDL also will provide CoGenesys with access to its antibody humanization technology platform. Additional terms were not disclosed.
“We are delighted to partner with CoGenesys to enable further development of this novel preclinical therapeutic program,” said Richard Murray, Ph.D., Senior Vice President, Chief Scientific and Technical Officer, PDL. “We believe this is an exciting and promising target, one that reflects the novelty and strength of our early stage pipeline.”
“We are pleased that our CoGenesys division has completed the agreement with PDL and look forward to supporting PDL’s progress in developing innovative antibody-based therapeutics based on the target antigen to which rights have been granted,” said H. Thomas Watkins, President and Chief Executive Officer of Human Genome Sciences. “We are also pleased that the agreement provides CoGenesys with access to PDL’s humanization platform, which will help enable CoGenesys’ own internal discovery and development programs.”
PDL BioPharma, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing innovative therapies for severe or life threatening illnesses. The company currently markets and sells a portfolio of leading products in the acute-care hospital setting in the United States and Canada and generates royalties through licensing agreements with top-tier biotechnology and pharmaceutical companies based on its pioneering humanized antibody technology. Currently, PDL BioPharma’s diverse late-stage product pipeline includes six investigational compounds in Phase 2 or Phase 3 clinical development for hepatorenal syndrome, inflammation and autoimmune diseases, cardiovascular disorders and cancer. For more information, go to www.pdl.com.
Human Genome Sciences is a company with the mission to discover, develop, manufacture and market innovative drugs that serve patients with unmet medical needs, with a primary focus on protein and antibody drugs. For additional information on Human Genome Sciences, please visit www.hgsi.com. In December 2005, Human Genome Sciences announced the decision to spin off CoGenesys (which will include the license agreement with PDL) as an independent company, contingent on a successful completion of CoGenesys funding.
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 contains forward-looking statements involving risks and uncertainties, including statements regarding the development of antibodies against a target antigen, and PDL’s actual results may differ materially from those in the forward-looking statements. Factors that may cause such differences include the company’s ability to successfully develop antibodies directed to the target antigen and other factors discussed in PDL’s filings with the Securities and Exchange Commission.
PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc. HGS, Human Genome Sciences and CoGenesys are trademarks of Human Genome Sciences, Inc.
PDL BioPharma, Inc.
CONTACT: Ami Knoefler, Corporate or Investor Relations, +1-510-284-8851,ami.knoefler@pdl.com, or James R. Goff, Investor Relations,+1-510-574-1421, or james.goff@pdl.com, both of PDL BioPharma
Web site: http://hgri.com/http://www.pdl.com/
