WELLCOME COMPLETES CENTOCOR MAbs DEAL

15 November 1993

Wellcome has completed a deal with Centocor of the USA under which the UK company will codevelop and comarket a series of monoclonal antibody-based anticancer products, including Panorex (MAb17-1a) for colorectal cancer. A total of seven antibodies are included in the deal.

The two companies signed a letter of intent regarding the agreement in September (Marketletter September 27). Under the terms of the deal, Wellcome will pay Centocor $20 million in exchange for two million newly-issued shares of Centocor common stock, which represents just under 5% of the US company's total outstanding common stock. In addition, Wellcome will pay Centocor $10 million at the closing of the transaction, and may make $70 million in payments in the future dependent on the accomplishment of certain research and development milestones and acquisitions of certain manufacturing technologies.

A recently-completed study of Panorex in 189 colorectal cancer patients has revealed that giving the antibody as an adjunct to surgery cuts overall mortality by 30% compared to a similar placebo-treated group.

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