CAT AND CRUCELL SETTLE
Cambridge Antibody Tech Group PLC
20 December 2002
02/CAT/27
FOR IMMEDIATE RELEASE
07.00 GMT 02.00 EST 20 December 2002
For further information contact:
Cambridge Antibody Technology Weber Shandwick Square Mile (Europe)
Tel: +44 (0) 20 7067 0700
Tel: +44 (0) 1223 471 471 Kevin Smith
Peter Chambre, Chief Executive Officer Graham Herring
John Aston, Chief Financial Officer
Rowena Gardner, Director of Corporate
Communications
Crucell NV BMC Communications/The Trout Group (USA)
Arie Bos, Director Corporate Communications: Tel: 001 212 477 9007
Tel. +31-(0)71-524 8722; a.bos@crucell.com Brad Miles, ext 17 (media)
Mary Claire Duch, Noonan Russo Presence, New York Brandon Lewis, ext.15 (investors)
(USA): Tel. +1-212-845-4278; m.duch@nrp-euro.com
CAMBRIDGE ANTIBODY TECHNOLOGY AND CRUCELL
SETTLE PATENT DISPUTE
Cambridge, UK and Leiden, The Netherlands... Cambridge Antibody Technology
(LSE: CAT; NASDAQ: CATG) and Crucell N.V. (Euronext, NASDAQ: CRXL) announce
today that they have agreed on terms whereby Crucell receives from CAT a
worldwide licence with respect to all CAT's antibody phage display technology
patents, both pending and granted. As a result of this agreement, all existing
litigation between the two companies has been withdrawn. CAT obtains an option
to develop certain antibodies, opening the way for further collaboration between
the companies.
Under the agreement CAT will receive an initial licence fee from Crucell. In
return, Crucell, and its partners, will be free to develop and commercialise
human antibody products against targets, using CAT's patented phage
display technology. This will provide Crucell freedom under the CAT patents to
fully exploit its proprietary MAbstract(TM) technology and other phage
display technology.
CAT will receive milestone and royalty payments for any antibody products that
Crucell or its partners develop that are derived from Crucell's
MAbstract(TM) technology or other technology involving phage display.
Peter Chambre, CAT's Chief Executive Officer, commented: "We are delighted to
have agreed a settlement whereby Crucell takes a licence to CAT's patents, on
terms that will allow both companies to develop their respective businesses. In
removing some of the uncertainty in the field of antibody patents, both
companies will be better able to concentrate on their key activities of
developing antibody-based drugs".
Dinko Valerio, Chief Executive Officer of Crucell, commented: "Crucell is very
pleased that this agreement has been finalised on favourable terms for both
parties. We look forward to collaborating with CAT in the future in the field of
target discovery, using our proprietary MAbstract(TM) technology."
- ENDS -
Notes to Editors:
Cambridge Antibody Technology (CAT)
• CAT is a UK-based biotechnology company and a leader in the discovery
and development of human therapeutic antibodies: HumiraTM, the leading
CAT-derived antibody, has been submitted for regulatory review by Abbott
(responsible for development and marketing) following the completion of Phase
III trials. Six other CAT-derived human therapeutic antibodies are at various
stages of clinical trials.
• CAT has an advanced proprietary platform technology for rapidly
isolating human monoclonal antibodies using phage display systems. CAT has
extensive phage antibody libraries, currently incorporating more than 100
billion distinct antibodies. These libraries form the basis for the Company's
strategy to discover and develop a portfolio of antibody-based drugs.
• CAT has alliances with a large number of pharmaceutical and
biotechnology companies to discover, develop and commercialise human monoclonal
antibody-based products. CAT has also licensed its proprietary human phage
antibody libraries to several companies for target validation and drug
discovery. CAT's collaborators include: Abbott, Amgen, Amrad, Chugai,
Elan, Genzyme, Human Genome Sciences, Merck & Co, Pharmacia and Wyeth Research.
• Based near Cambridge, England, CAT currently employs around 290 people.
• CAT is listed on the London Stock Exchange and on NASDAQ since June
2001. CAT raised £41m in its IPO in March 1997 and £93m in a secondary offering
in March 2000.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995:
This press release contains statements about Cambridge Antibody Technology Group
plc ("CAT") that are forward looking statements. All statements other than
statements of historical facts included in this press release may be forward
looking statements within the meaning of Section 21E of the Securities Exchange
Act of 1934. These forward looking statements are based on numerous assumptions
regarding CAT's present and future business strategies and the
environment in which CAT will operate in the future. Certain factors that could
cause CAT's actual results, performance or achievements to differ
materially from those in the forward looking statements include: market
conditions, CAT's ability to enter into and maintain collaborative
arrangements, success of product candidates in clinical trials, regulatory
developments and competition.
Crucell
• Crucell N.V. discovers and develops biopharmaceuticals that use the
human immune system to combat cancer, infectious diseases and other conditions.
Crucell leverages its patented technologies, MAbstract(TM), AdVac(TM),
and PER.C6(TM), for discovery, development and production of antibodies and
vaccines.
• Crucell offers its technologies to the pharmaceutical and biotechnology
industry and also uses them to create its own product pipeline. Partners
include Merck & Co. for the HIV vaccine, the National Institutes of Health (NIH)
for the Ebola vaccine and Centocor, a Johnson & Johnson company, for the CD46
antibody for treatment of various types of cancer. In addition, Crucell has
over 20 licensees for its PER.C6(TM) technology. These include Novartis,
GSK, Aventis and Schering AG. Crucell is headquartered in Leiden, The
Netherlands and is listed on Euronext and NASDAQ (ticker symbol CRXL). For more
information visit www.crucell.com.
This press release contains forward-looking statements that involve inherent
risks and uncertainties. We have identified certain important factors that may
cause actual results to differ materially from those contained in such
forward-looking statements. For information relating to these factors please
refer to our Form 20-F, as filed with the U.S. Securities and Exchange
Commission on June 13, 2002, and the section entitled "Risk Factors".
The company prepares its financial statements under generally
accepted accounting principles in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange A