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PDL Announces Closing of Global Alliance With Biogen
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Protein Design Labs, Inc. (PDL) has announced the closing of its previously-announced collaboration with Biogen Idec following the satisfaction of all closing conditions, including expiration of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
On August 2, 2005, PDL and Biogen Idec announced the broad collaboration for the joint development, manufacture and commercialization of three Phase II antibody products.
The agreement provides for shared development and commercialization of daclizumab in multiple sclerosis and indications other than transplant and respiratory diseases, and for shared development and commercialization of M200 (volociximab) and HuZAF™ (fontolizumab) 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.
The shares purchased are subject to certain lock-up restrictions. If multiple products are developed successfully in multiple indications and all milestones are achieved, PDL could 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.
