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news.Biogen Idec is to pay Protein Design Labs $140 million in order to share in the development, manufacture and commercialization of three of its antibody products. The deal should strengthen Biogen Idec's presence in the oncology market and re-enforce its portfolio of multiple sclerosis drugs.
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The drugs in question are daclizumab in multiple sclerosis and indications other than transplant and respiratory diseases, M200 (volociximab), and HuZAF (fontolizumab) in all indications. Protein Design Labs could also receive as much as $660 million in milestone payments on the drugs developed under the partnership.
Biogen Idec and Protein Design Labs will share equally the costs of all development activities and all operating profits from each collaboration product within the US and Europe.
The companies will jointly oversee development, manufacturing and commercialization plans for collaboration products and intend to divide implementation responsibilities to leverage each company’s capabilities and expertise.
Each party will have co-promotion rights in the US and Europe. Outside the US and Europe, Biogen Idec will fund all incremental development and commercialization costs and pay a royalty to Protein Design Labs on sales of collaboration products.
Mark McDade, CEO, Protein Design Labs, said, “From our perspective, this alliance enables both companies to share costs and risks of developing products that address large market opportunities, while leveraging our respective development, manufacturing and commercial strengths.”