Abgenix and Genentech Extend Antibody Technology Licensing Agreement

16-Mar-2005

Abgenix, Inc. announced that Genentech, Inc. has exercised its option to extend its technology licensing agreement with Abgenix for an additional three years. Under the extended agreement, Genentech will have access to Abgenix's proprietary antibody generation technology. As a condition of exercising the option, Genentech has purchased Abgenix common stock representing less than one percent of Abgenix's outstanding common stock through a private placement subject to future registration. Abgenix may also receive future milestone payments and fees as antibody programs advance through the collaboration, as well as future royalties on any products that may be successfully commercialized by Genentech.

In 1999 Genentech signed an agreement with Abgenix to license the Abgenix technology. Under the agreement Abgenix provides Genentech with the XenoMouse technology for use in Genentech's product development activities.

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