Pink Sheet is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

IDEC WILL RECEIVE $23 MIL. FROM JAPAN INSTITUTE OF IMMUNOLOGY

Executive Summary

IDEC WILL RECEIVE $23 MIL. FROM JAPAN INSTITUTE OF IMMUNOLOGY under a collaborative R&D agreement announced Feb. 26. The agreement provides that IDEC will receive the $23 mil. over a two-year period. In return, the privately-held Japanese firm will gain rights in Japan and Asian countries to develop IDEC therapeutic and diagnostic products for B-cell lymphoma and diagnostic products for autoimmune disease. IDEC is a five year-old, privately-held biotech firm based in La Jolla, California. IDEC has developed a "panel" of anti-idiotype antibodies; the firm's lead product, designed for the treatment of B-cell lymphoma, is in Phase III testing in the U.S. and Canada. The company has said it plans to file a PLA for the product in 1991. In addition to product rights, the Institute of Immunology will receive IDEC preferred stock representing approximately 20% of outstanding voting shares. In conjunction with the agreement, Institute of Immunology President Tetsuo Nakamura will join IDEC's board, subject to shareholders' approval. IDEC announced separately that it has established a wholly-owned subsidiary in Japan, IDEC Seiyaku, to "work closely with IDEC's Japanese partners and...maintain close ties with academic institutions throughout the country, both for the purpose of conducting research with leading Japanese scientists and for seeking potential product development candidates in areas central to IDEC's R&D strategy." The firm has appointed Michio Nishida as representative director of IDEC Seiyaku. Nishida, who joined the firm March 1, had been manager of the research and development division of Nihoun Kokan, a steel corporation. Apart from its agreement with the Japanese firm, IDEC has begun Phase I studies in the U.S. with a treatment for malignant melanoma. The $23 mil. commitment from the Institute of Immunology brings to $60 mil. the total amount of capital that IDEC has raised through equity investments and R&D partnerships. The Institute of Immunology has collaborative agreements with other companies such as Hoffmann-La Roche, Switzerland, and Abbott in the U.S.
Advertisement
Advertisement
UsernamePublicRestriction

Register

PS017048

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel