ImClone Systems Incorporated has signed license agreements with Genentech and Centocor, Inc. for the rights to patents covering various aspects of antibody technology and certain use of epidermal growth factor receptor (EGFR) antibodies.
These licenses relate to Erbitux, an IgG1 monoclonal antibody approved for use in irinotecan resistant or refractory, EGFR-expressing metastatic colorectal cancer, and IMC-11F8, an investigational fully-human EGFR-targeted antibody currently in phase I clinical testing.
For Erbitux use in combination with anti-neoplastic agents, ImClone Systems' gross royalty expense for all licenses, including Genentech, Centocor, Aventis and the University of California, is approximately 12.75 per cent of North American sales and is effective from February 24, 2004.
For sales outside of North America, of Erbitux manufactured in the US, such expenses will be passed through to ImClone Systems' partner Merck KGaA as a component of cost of goods for commercial product.
"We are pleased to have concluded these negotiations and to be in a position to give greater clarity to our investors with regard to our Erbitux royalty expenses," stated Daniel S. Lynch, CEO of ImClone Systems.
ImClone Systems Incorporated is involved in advancing oncology care by developing and commercializing a portfolio of targeted biologic treatments designed to address the medical needs of patients with a variety of cancers. ImClone Systems' headquarters and research operations are located in New York City, with additional administration and manufacturing facilities in Branchburg, New Jersey.