MedImmune to Receive Milestone and Royalty Payments for Both GSK and Merck Products
GAITHERSBURG, Md., Feb 02, 2005 /PRNewswire-FirstCall via COMTEX/ -- MedImmune, Inc.
(Nasdaq: MEDI) announced today that under an amended agreement with
GlaxoSmithKline (NYSE: GSK), MedImmune may receive certain milestone payments
and royalties on future development and sales of an investigational human
papillomavirus (HPV) vaccine now in Phase 3 development by Merck & Co., Inc
(NYSE: MRK). MedImmune may also receive certain milestone payments and
royalties on future development and sales of the investigational HPV vaccine
co-developed by MedImmune and GSK, currently in Phase 3 development. HPV is
the leading cause of cervical cancer.
In December 1997, MedImmune entered into an exclusive license agreement
with GSK for certain patents and know-how that have formed the basis for the
development of an HPV vaccine by MedImmune and GSK. GSK has granted a
sublicense to MedImmune's HPV patent rights to Merck as it relates to Merck's
separate and independent HPV vaccine program.
MedImmune strives to provide better medicines to patients, new medical
options for physicians, rewarding careers to employees, and increased value to
shareholders. Dedicated to advancing science and medicine to help people live
better lives, the company is focused on the areas of infectious diseases,
cancer and inflammatory diseases. With approximately 1,900 employees
worldwide, MedImmune is headquartered in Maryland. For more information,
visit the company's website at http://www.medimmune.com.
This announcement contains, in addition to historical information, certain
forward-looking statements that involve risks and uncertainties. Such
statements reflect management's current views and are based on certain
assumptions. In particular, in addition to risks related to product
development and foreign currency fluctuation discussed in MedImmune's filings
with the U.S. Securities and Exchange Commission and any risks identified by
GSK and Merck, any potential benefit to MedImmune from the licensing of its
HPV patent rights to GSK and the sublicensing of those rights to Merck are
based on the respective development and commercialization programs of GSK and
Merck, over which MedImmune has no direct control. There can be no assurance
that such development efforts will succeed, that such products will receive
required regulatory clearance or that, even if such regulatory clearance is
received, there will be any significant market for such products or such
products will ultimately achieve commercial success.
SOURCE MedImmune, Inc.
Media: Jamie Lacey+1-301-398-4035or Investors: Peter Vozzo +1-301-398-4358 or
John Filler+1-301-398-4086 all of MedImmune, Inc.