Companies Announce Dissolution of FluMist(TM) Collaboration
GAITHERSBURG, Md. and MADISON, N.J., Apr 26, 2004 /PRNewswire-FirstCall via COMTEX/ -- MedImmune, Inc. (Nasdaq: MEDI) and Wyeth (NYSE: WYE) announced today 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
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.
About MedImmune, Inc.
MedImmune is a leading biotechnology company focused on researching,
developing and commercializing products to prevent or treat infectious
disease, autoimmune disease and cancer. MedImmune actively markets four
products, Synagis(R) (palivizumab), Ethyol(R) (amifostine), FluMist(TM)
(Influenza Virus Vaccine Live, Intranasal), and CytoGam(R) (cytomegalovirus
immune globulin intravenous (human)), and has additional products in clinical
testing. MedImmune employs approximately 1,800 people, is headquartered in
Gaithersburg, Maryland, and has additional operations in Frederick, Maryland,
as well as Pennsylvania, California, the United Kingdom and the Netherlands.
For more information on MedImmune and its products, visit the company's
website at www.medimmune.com.
Wyeth Vaccines is a business unit of Wyeth Pharmaceuticals, a division of
Wyeth (NYSE: WYE). Wyeth Pharmaceuticals has leading products in the areas of
women's health care, cardiovascular disease, central nervous system,
inflammation, hemophilia, oncology, and vaccines.
Wyeth is one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery, development,
manufacturing, and marketing of pharmaceuticals, vaccines, biotechnology
products, and non-prescription medicines that improve the quality of life for
people worldwide. The Company's major divisions include Wyeth
Pharmaceuticals, Wyeth Consumer Healthcare, and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are
forward-looking statements based on current expectations of future events that
involve risks and uncertainties including, without limitation, risks
associated with the inherent uncertainty of the timing and success of
pharmaceutical research, product development, manufacturing,
commercialization, economic conditions including interest and currency
exchange rate fluctuations, changes in generally accepted accounting
principles, the impact of competitive or generic products, trade buying
patterns, wars or terrorist acts, product liability and other types of
lawsuits, the impact of legislation and regulatory compliance and obtaining
reimbursement, favorable drug pricing, access and other approvals,
environmental liabilities, and patent, and other risks and uncertainties,
including those detailed from time to time in the Companies' periodic reports,
including current reports on Form 8-K, quarterly reports on Form 10-Q and the
annual report on Form 10-K, filed with the Securities and Exchange Commission.
Actual results may vary materially from the forward-looking statements. The
Companies assume no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
SOURCE MedImmune, Inc.; Wyeth
Media: Jamie Lacey, +1-301-398-4035, or Investors: John Filler
+1-301-398-4086, both of MedImmune, Inc.; Media: Douglas Petkus,
+1-484-865-5140, or Investors: Justin Victoria, +1-973-660-5340, both of