Biotech Values

[DewDiligence]

BIIB Opts In for ADCC-Enhanced CD20 Program with DNA/Roche

http://biz.yahoo.com/bw/081030/20081030006440.html

›Thursday October 30, 4:00 pm ET

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Biogen Idec (NASDAQ: BIIB ) today announced that it has elected to participate with Genentech (NYSE: DNA ) in the development and commercialization of GA101 in the United States. Genentech recently acquired development and U.S. commercialization rights to GA101 from Glycart, a company owned by Roche, and Roche. GA101 is a novel humanized anti-CD20 monoclonal antibody engineered to increase both direct- and immune-mediated target cell death for the potential treatment of hematologic malignancies. Biogen Idec elected to participate in the development of GA101 pursuant to terms outlined in the company’s existing collaboration agreement with Genentech.

“Our decision to participate in the development and commercialization of GA101 exemplifies our commitment to advancing new therapies for patients with blood cancers,” said Cecil Pickett, Ph.D., President of Research and Development at Biogen Idec.

Under the terms of the election, Biogen Idec and Genentech will share certain development costs. Biogen Idec will make an upfront payment to Genentech of $31.5 million, which will be recorded as a research-and-development expense in the fourth quarter of 2008. Biogen Idec and Genentech will share operating profits and losses in the United States. Roche retains commercialization rights outside the United States. Additional financial and other terms were not disclosed.

GA101 is currently the subject of Phase I/II clinical trials for CD20-positive B-cell malignancies such as non-Hodgkins lymphoma (NHL) and chronic lymphocytic leukemia (CLL). GlycArt and Roche plan to provide on update on Phase I data for GA101 at the American Society of Hematology Annual Meeting in December 2008.‹