Vice President and
Chief Financial Officer
Marion E. Glick
Mark R. Vincent
Director, Corporate Communications
ABGENIX AND CURAGEN ESTABLISH LARGE-SCALE DRUG DEVELOPMENT ALLIANCE
Companies to Develop Genomics-based Human Antibody Drugs
Fremont, CA and New Haven, CT - December 9, 1999 - Abgenix, Inc. (Nasdaq: ABGX), an antibody-based biopharmaceutical company and CuraGen Corporation (Nasdaq: CRGN), an integrated genomics-based drug discovery and development company, announced today the formation of a strategic alliance to develop and commercialize genomics-based antibody drugs using XenoMouse technology. This five-year alliance has been established to identify up to 120 fully human antibody drugs intended for treating a broad range of complex diseases including cancer and autoimmune disorders. Antibodies to cancer antigens in CuraGen's database will be generated exclusively with Abgenix' XenoMouse technology during this alliance. Under the terms of this agreement, Abgenix will purchase $15 million of CuraGen common stock and CuraGen will provide research support payments of $1.5 million per year. In addition, both companies will receive reciprocating milestone and royalty payments for products resulting from this drug development alliance.
"Abgenix is impressed with CuraGen's technical capabilities with integrated genomics-based drug discovery and development," stated R. Scott Greer, president and CEO of Abgenix. "This strategic alliance complements our existing relationship with Human Genome Sciences and significantly expands our presence in the genomics field. We are also pleased to be joining Biogen and Genentech as corporate partners with equity stakes in CuraGen."
"This strategic alliance changes the drug development landscape by establishing a powerful platform for producing genomics-base
Contact: Kurt Leutzinger, Abgenix, Inc.