MedImmune, Inc., a leading biotechnology company, and Wyeth announced the dissolution of their collaboration for the nasal flu vaccine FluMist (Influenza Virus Vaccine Live, Intranasal) and an investigational second-generation liquid formulation, Cold Adapted Influenza Vaccine-Trivalent (CAIV-T). As a result of the dissolution, subject to obtaining necessary government approval, MedImmune will have worldwide rights to these products and will assume full responsibility for the manufacturing, marketing, and selling of FluMist.

MedImmune and Wyeth believe that this new arrangement will provide a substantial opportunity for the commercial success of FluMist and CAIV-T, and better meet the financial and operational goals of both companies.

As part of the dissolution process, MedImmune will acquire Wyeth's distribution facility in Louisville, Kentucky. Wyeth is providing bulk manufacturing materials and will transfer clinical trial data, as well as provide manufacturing services, during a transition that the companies expect to complete in large part by fourth quarter 2004. Wyeth will receive from MedImmune an upfront payment, milestone payments upon achievement of certain future development and regulatory events, and royalties on future product sales. Additional terms were not disclosed.