Biosite Incorporated announced a multi-year collaborative agreement with MedImmune Inc, under which Biosite plans to use its Omniclonal phage display technology to generate high-affinity antibodies to drug targets that MedImmune will provide. MedImmune expects to use the antibodies in its discovery research program. As a part of the agreement, Biosite will have the right to evaluate the potential diagnostic utility of various targets. MedImmune's research is focused in the areas of infectious disease, autoimmune disease and cancer.
Under the agreement, MedImmune has agreed to provide Biosite with targets for a period of up to three years. In addition to certain diagnostic rights, Biosite will receive development fees upon delivery of target-specific antibodies to MedImmune, target maintenance fees, fees upon the achievement of certain clinical development milestones and royalties from any products resulting from MedImmune's research pursuant to the agreement.