DEAL FORGED ON ANTIBODY PRODUCTS
Biogen Idec and Protein Design Labs (PDL) have announced plans to collaborate on the joint development, manufacture and commercialization of three Phase II antibody products to treat various diseases such as multiple sclerosis and cancer.
The deal covers daclizumab, which is being tested for the treatment of multiple sclerosis and indications other than transplant and respiratory diseases; M200 (volociximab), which is targeted at cancer tumors; and HuZAF (fontolizumab), which the firms say may be useful in treating a variety of autoimmune diseases.
Under the agreement, PDL will receive an upfront payment of $40 million, and Biogen Idec will purchase $100 million of PDL common stock, the firms said. Depending on results, PDL could receive development milestone payments of up to $560 million and commercialization payments of up to $100 million, the firms said.
Both companies see key benefits in the agreement. "This partnership will expand our oncology presence in solid tumors, while strengthening our position as a leader in multiple sclerosis research and development," said Jim Mullen, president and CEO of Biogen Idec, which is based in Cambridge, Mass. The agreement is subject to antitrust review and approval, and other standard closing conditions, the announcement states.