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news.MedImmune has completed its acquisition of Cellective Therapeutics, a private Maryland-based biopharmaceutical company focused on the development of therapeutic monoclonal antibodies targeting B-lymphocyte receptors.
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The transaction provides MedImmune with three preclinical-stage programs developing monoclonal antibodies targeting the B-cell antigens CD19, CD20 and CD22. These antigens are believed to play important roles in regulating the immune system with potential implications in both cancer and autoimmune diseases.
“We are pleased to expand our potential offerings for the treatment of cancer and autoimmune diseases by adding Cellective’s antibody programs into our R&D plans,” commented Dr James Young MedImmune’s president, R&D. “We look forward to building upon the progress that Cellective has made in developing these antibodies.”
In September 2005, MedImmune signed a definitive agreement to acquire Cellective Therapeutics in a cash transaction that includes an upfront payment and the potential for future milestones, all of which could total up to approximately $160 million if all contingencies are met.
Under the terms of the agreement, MedImmune will make milestone payments to Cellective shareholders based upon achieving certain product development and sales goals for Cellective’s preclinical antibody programs targeting CD19, CD20 and CD22.
MedImmune’s relationship with Cellective Therapeutics began in September 2004 when MedImmune Ventures participated in Cellective’s Series A financing round.