Serono and Genmab Sign Worldwide Agreement to Develop and Commercialize HuMax-TAC
May 02 2005 - 2:00AM
PR Newswire (US)
Serono and Genmab Sign Worldwide Agreement to Develop and
Commercialize HuMax-TAC HuMax-TAC may Have Therapeutic Potential in
the Treatment of T-cell Mediated Diseases GENEVA, Switzerland and
COPENHAGEN, Denmark, May 2 /PRNewswire-FirstCall/ -- Serono
(virt-x: SEO and NYSE: SRA) and Genmab A/S (CSE:GEN) announced
today that they have signed an agreement under which Genmab grants
Serono exclusive worldwide rights to develop and commercialize
Genmab's HuMax-TAC. The product is a fully human monoclonal
antibody targeting the TAC antigen - also known as CD25, or the
interleukin-2 receptor alpha subunit (IL-2Ra) - which is
overexpressed by activated T-cells. By inhibiting the proliferation
of T-cells, HuMax-TAC may have therapeutic potential in the
treatment of T-cell mediated diseases, such as autoimmune
disorders, inflammatory and hyperproliferative skin disorders, as
well as acute transplant rejection. HuMax-TAC is currently in
pre-clinical trials. Under the agreement, Genmab will receive an
upfront payment of US$2 million and is entitled to potential
milestone payments of up to US$38 million and royalties on sales
from any eventual commercialization of the product. Serono will be
responsible for all future development costs for HuMax-TAC. "We are
very pleased to enter into this partnership with Serono for
HuMax-TAC," said Lisa N. Drakeman, Ph.D., Chief Executive Officer
of Genmab, "Serono's wealth of knowledge and expertise in
developing and marketing products can be applied to the ongoing
development of HuMax-TAC." "We are committed to the development of
novel therapeutics to fulfill significant unmet medical needs,"
said Timothy N.C. Wells, Ph.D, Head of Research at Serono. "We
believe that HuMax-TAC brings a new dimension to the treatment of
many of the key diseases where Serono has a scientific and medical
interest." Genmab forward looking statements This press release
contains forward looking statements. The words "believe", "expect",
"anticipate", "intend" and "plan" and similar expressions identify
forward-looking statements. Actual results or performance may
differ materially from any future results or performance expressed
or implied by such statements. The important factors that could
cause our actual results or performance to differ materially
include, among others, risks associated with product discovery and
development, uncertainties related to the outcome and conduct of
clinical trials including unforeseen safety issues, uncertainties
related to product manufacturing, the lack of market acceptance of
our products, our inability to manage growth, the competitive
environment in relation to our business area and markets, our
inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and
proprietary rights, our relationships with affiliated entities,
changes and developments in technology which may render our
products obsolete, and other factors. Genmab is not under an
obligation to up-date statements regarding the future following the
publication of this release; nor to confirm such statements in
relation to actual results, unless this is required by law. Serono
forward looking statements Some of the statements in this press
release are forward looking. Such statements are inherently subject
to known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements of Serono
S.A. and affiliates to be materially different from those expected
or anticipated in the forward-looking statements. Forward-looking
statements are based on Serono's current expectations and
assumptions, which may be affected by a number of factors,
including those discussed in this press release and more fully
described in Serono's Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission on March 16, 2005. These
factors include any failure or delay in Serono's ability to develop
new products, any failure to receive anticipated regulatory
approvals, any problems in commercializing current products as a
result of competition or other factors, our ability to obtain
reimbursement coverage for our products, the outcome of government
investigations and litigation and government regulations limiting
our ability to sell our products. Serono has no responsibility to
update the forward-looking statements contained in this press
release to reflect events or circumstances occurring after the date
of this press release. About Genmab A/S Genmab A/S is a
biotechnology company that creates and develops human antibodies
for the treatment of life-threatening and debilitating diseases.
Genmab has numerous products in development to treat cancer,
infectious disease, rheumatoid arthritis and other inflammatory
conditions, and intends to continue assembling a broad portfolio of
new therapeutic products. At present, Genmab has multiple
partnerships to gain access to disease targets and develop novel
human antibodies including agreements with Roche and Amgen. A broad
alliance provides Genmab with access to Medarex, Inc.'s array of
proprietary technologies, including the UltiMAb(TM) platform for
the rapid creation and development of human antibodies to virtually
any disease target. Genmab is headquartered in Copenhagen, Denmark,
and has operations in Utrecht, The Netherlands, and Princeton, New
Jersey in the US. For more information about Genmab, visit
http://www.genmab.com/. About Serono Serono is a global
biotechnology leader. The Company has eight biotechnology products,
Rebif(R), Gonal-f(R), Luveris(R), Ovidrel(R) /Ovitrelle(R),
Serostim(R), Saizen(R), Zorbtive(TM) and Raptiva(R). In addition to
being the world leader in reproductive health, Serono has strong
market positions in neurology, metabolism and growth and has
recently entered the psoriasis area. The Company's research
programs are focused on growing these businesses and on
establishing new therapeutic areas, including oncology. Currently,
there are approximately 30 ongoing development projects. In 2004,
Serono achieved worldwide revenues of US$2,458.1 million, and a net
income of US$494.2 million, making it the third largest biotech
company in the world. Its products are sold in over 90 countries.
Bearer shares of Serono S.A., the holding company, are traded on
the virt���??x (SEO) and its American Depositary Shares are
traded on the New York Stock Exchange (SRA). UltiMAb(R) is a
registered trademark of Medarex, Inc. HuMax(R) is a registered
trademark of Genmab A/S HuMax-CD4(TM) is a trademark of Genmab A/S
DATASOURCE: Serono International S.A. CONTACT: For more
information, please contact: Serono, Corporate Media Relations,
Tel: +41-22-739-36-00 Fax: +41-22-739-30-85 http://www.serono.com/
Corporate Investor Relations, Tel: +41-22-739-36-01 Fax:
+41-22-739-30-22 Reuters: SEO.VX / SRA.N Bloomberg: SEO VX / SRA US
Media Relations, USA: Tel: +1-781-681-2340 Fax: +1-781-681-2935
http://www.seronousa.com/ Investor Relations, USA: Tel:
+1-781-681-2552 Fax: +1-781-681-2912 Genmab, Helle Thalund Husted,
Director, Investor Relations, T: +45-70-20-27-28 F: +45-70-20-27-29
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