Regeneron licenses tech to AstraZeneca |
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Published
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Mon, 05 Feb 2007 16:45
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TARRYTOWN, N.Y. (AFX) - Drug developer Regeneron Pharmaceuticals Inc. said Monday that it will receive $20 million upfront from British drug maker AstraZeneca PLC along with annual payments for use of its monoclonal antibodies technology.Under an agreement, AstraZeneca will get a non-exclusive license to Regeneron's VelocImmune technology. The agreement also calls for up to five annual payments of $20 million, although AstraZeneca can cancel the agreement after the first three.AstraZeneca will pay to Regeneron a royalty single-digit percentage royalty on any products developed from the technology.Regeneron said the VelocImmune technology generates fully human monoclonal antibodies that can be used to develop biotech drugs. Monoclonal antibodies are infection-attacking proteins in the immune system that are identical because they are made from one type of immune cell.Shares of Regeneron fell 49 cents, or 2.4 percent, to $19.69 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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AstraZeneca to expand in Massachusetts 