ROCKVILLE, Md., Jan. 9 /PRNewswire-FirstCall/ -- Human Genome Sciences, Inc. (Nasdaq: HGSI - News) today announced a license agreement with Amgen under which Amgen has acquired exclusive worldwide rights to develop and commercialize therapeutic biological products for human use based on a human gene discovered by Human Genome Sciences that may have potential applications in autoimmune diseases, immune deficiencies or suppression, and cancer. In addition, Amgen has acquired non-exclusive worldwide rights for the development and commercialization of diagnostic products for human use based on the same gene.
According to the terms of the agreement, Human Genome Sciences will receive from Amgen an upfront payment and certain annual fees, as well as development milestone payments and royalties on annual net sales for therapeutic and diagnostic products successfully developed and commercialized using such rights.
H. Thomas Watkins, President and Chief Executive Officer, Human Genome Sciences, said, "We are pleased to enter into this agreement with Amgen. This agreement is one more step in our monetization of Human Genome Sciences assets and in providing access to our technology to those companies who share our goal of developing gene-based therapeutic and diagnostic products for use in the treatment of serious diseases."
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 more information about Human Genome Sciences, please visit the company's web site at http://www.hgsi.com. Health professionals interested in more information about clinical trials involving Human Genome Sciences products are encouraged to inquire via the Contact Us section of the web site, http://www.hgsi.com/products/request.html, or by calling (240) 314-4400, extension 3550.
HGS and Human Genome Sciences are trademarks of Human Genome Sciences, Inc.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on Human Genome Sciences' current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the Company's unproven business model, its dependence on new technologies, the uncertainty and timing of clinical trials, the Company's ability to develop and commercialize products, its dependence on collaborators for services and revenue, its substantial indebtedness and lease obligations, its changing requirements and costs associated with planned facilities, intense competition, the uncertainty of patent and intellectual property protection, the Company's dependence on key management and key suppliers, the uncertainty of regulation of products, the impact of future alliances or transactions and other risks described in the Company's filings with the Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Human Genome Sciences undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
Source: Human Genome Sciences, Inc.
