CORIXA LICENSES NOVEL TARGET TO GENENTECH FOR THERAPEUTIC DEVELOPMENT AND COMMERCIALIZATION

Corixa, a developer of immunotherapeutics, has signed a license agreement with Genentech in which Corixa will grant Genentech exclusive worldwide rights to a novel target for the possible development of humanized antibody-based therapeutics. Under the terms of the agreement, Corixa will receive a $1.6 million up-front license fee, and may receive up to an additional $8.25 million in future, success-based payments upon completion of certain regulatory and commercial milestones in addition to royalty payments on product sales.

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