MedImmune to acquire Cellective Therapeutics

By Jennifer Chiou

New York, Sept. 14 - MedImmune, Inc. said it entered an agreement to acquire Cellective Therapeutics, Inc., providing MedImmune with three preclinical stage programs developing monoclonal antibodies that target the B-cell antigens CD19, CD20 and CD22.

The antigens may play important roles in regulating the immune system, blocking B-cell activities that are associated with tumors and autoimmune diseases, including multiple myeloma, B-cell lymphomas, rheumatoid arthritis and lupus, according to MedImmune.

"With our mutual focus on antibody research, the acquisition of Cellective is an excellent strategic fit for MedImmune," president of research and development James F. Young said in a news release.

"Cellective's lead product candidates, which are based on the extensive work on B cells by renowned immunologist Dr. Thomas F. Tedder of Duke University Medical Center, provide additional opportunities for MedImmune to expand its potential offering of treatments for patients battling cancer and autoimmune diseases."

Under the agreement, MedImmune will acquire all outstanding equity interests of Cellective in a cash transaction, which is expected to close in October. MedImmune did not disclose the purchase price.

MedImmune said it will also provide Cellective shareholders with future payments for the company's three preclinical antibody programs based on product development and sales milestones.

MedImmune added it expects the transaction with Cellective will result in a one-time in-process research and development charge that will reduce its 2005 earnings by $0.20 per diluted share, resulting in a revised earnings range from $0.04 to $0.10.

Based in Gaithersburg, Md., MedImmune develops medication for infectious diseases, cancer and inflammatory diseases. Cellective Therapeutics is an early-stage biopharmaceutical company concentrating on a portfolio of therapeutic monoclonal antibodies.

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