Trubion Pharmaceuticals Announces Extension of Research Period under its Wyeth Collaboration
News Jun 24, 2009
Trubion Pharmaceuticals, Inc. announced that Wyeth Pharmaceuticals, a division of Wyeth, has exercised its option under the terms of its collaboration agreement with Trubion to extend the research period for an additional one-year period through Dec. 22, 2010.
Under the terms of the research period extension, Wyeth's obligations to Trubion include collaboration research funding commitments of approximately $3.3 million in exchange for committed research services through Dec. 22, 2010.
"We are pleased that Wyeth has extended the research period of our collaboration," said Peter Thompson, M.D., FACP, president, CEO and chairman of Trubion. "Wyeth's ongoing commitment to the collaboration underscores the potential of our technology, and we look forward to continuing our efforts with Wyeth as we pursue the development of additional first-in-class and best-in-class compounds."
In December 2005, Trubion entered into a collaboration agreement with Wyeth for the development and worldwide commercialization of TRU-015 and other CD20-directed therapeutics. The agreement also includes the development and worldwide commercialization of certain other product candidates directed to a small number of targets other than CD20 that have been established pursuant to the agreement.
Unless earlier terminated, the agreement will remain in effect on a product-by-product basis and on a country-by-country basis until the later of the date that any such product shall no longer be covered by a valid claim of a U.S. or foreign patent or application and, generally, 10 years after the first commercial sale of any product licensed under the agreement. Wyeth may terminate the agreement without cause at any time upon 90 days' written notice.
Trubion retains the right to develop and commercialize, on its own or with others, product candidates directed to all targets not included within the agreement, including CD37.