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GEN News Highlights : Mar 28, 2007

Cancer Drug Deal with Sanofi-Aventis Worth over $744M for Oxford BioMedica

Partners will advance Oxford’s TroVax, currently in Phase III for renal cancer.

Oxford BioMedica and sanofi-aventis will together develop and commercialize TroVax® for the treatment and prevention of cancers. TroVax is Oxford BioMedica’s lead cancer immunotherapy currently in Phase III for renal cancer.

Under the terms of the exclusive, global licensing agreement, Oxford BioMedica will receive an initial payment of Euro 29 million, or $39 million, and further near-term payments of Euro 19 million. The milestones, totally approximately $54 million, are linked to the ongoing Phase III TRIST study.

Oxford BioMedica also stands to earn up to Euro 518 million, or $690 million, if all development and registration targets are met. Additional payments will be made if regulatory milestones are achieved in other cancer types. Additionally, it is entitled to escalating royalties on global sales of TroVax and to further undisclosed commercial milestones when net sales of TroVax reach certain levels. Oxford BioMedica has an option to develop TroVax for other cancer types in exchange for enhanced financial returns. Sanofi-aventis retains all commercial rights.

Sanofi-aventis will fund all future research, development, regulatory and commercialization activities, including the immediate implementation of a development plan for TroVax in metastatic colorectal cancer. Oxford BioMedica retains an option to participate in the promotion of TroVax in the U.S. and the EU.