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PDL BioPharma, Inc.

Drug Names(s): SMART Anti-Gamma Interferon Antibody, fontolizumab, anti-IFN-gamma

Description: This antibody targets gamma interferon, a protein that stimulates several types of white blood cells and that may be involved in some autoimmune diseases.

Deal Structure: On August 2, 2005, Biogen Idec and PDL announced a broad collaboration for the joint development, manufacture and commercialization of HuZAF in all indications.

At the closing, PDL received an upfront payment of $40 million, and Biogen Idec purchased common stock from PDL for aggregate proceeds to PDL of approximately $100 million. PDL can receive certain development and commercialization milestone payments totaling up to $660 million. Of these, $560 million are related to development and $100 million are related to commercialization of collaboration products.

Biogen Idec and PDL will share equally the costs of all development activities and all operating profits from each collaboration product within the United States and Europe. Each party will have co-promotion rights in the United States and Europe. Outside the United States and Europe, Biogen Idec will fund all incremental development and commercialization costs and pay a royalty to PDL on sales of collaboration products.

Partners: Biogen, Inc.

HuZAF News

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