Oxford BioMedica and Sanofi-Aventis Enter Global Licensing Agreement to Develop and Commercialise TroVax for Cancer

Oxford BioMedica (LSE: OXB) and Sanofi-aventis (EURONEXT: SAN; NYSE: SNY) announced today that they have entered into an exclusive global licensing agreement to develop and commercialise TroVax for the treatment and prevention of cancers.

OXFORD, UK | Mar 28, 2007 |
Oxford BioMedica (LSE: OXB) and sanofi-aventis (EURONEXT: SAN; NYSE: SNY) announced today that they have entered into an exclusive global licensing agreement to develop and commercialise TroVax(R) for the treatment and prevention of cancers.

TroVax(R) is Oxford BioMedica’s lead cancer immunotherapy. It has been evaluated in clinical trials involving more than 180 patients with various forms of cancer. A Phase III trial in renal cancer is ongoing.

Under the terms of this agreement:

* Sanofi-aventis will pay Oxford BioMedica up to €518 million (~US$690 million) if all development and registration targets are met for certain defined indications. Additional payments will be made if regulatory milestones are achieved in other cancer types.
* Oxford BioMedica will receive an initial payment of €29 million (~US$39 million) and further near-term payments of €19 million (~US$25 million) as milestones linked to the ongoing Phase III TRIST study in renal cancer.
* Oxford BioMedica is also entitled to escalating royalties on global sales of TroVax(R) and to further undisclosed commercial milestones when net sales of TroVax(R) reach certain levels.
* Oxford BioMedica has an option to develop TroVax(R) for other cancer types in exchange for enhanced financial returns, and sanofi-aventis will keep all commercial rights.
* Oxford BioMedica will supply TroVax(R) to sanofi-aventis on commercial terms.
* Oxford BioMedica and sanofi-aventis will co-fund the ongoing Phase III TRIST study of TroVax(R) in renal cancer.
* Sanofi-aventis will fund all future research, development, regulatory and commercialisation activities, including the immediate implementation of a development plan for TroVax(R) in metastatic colorectal cancer.
* Sanofi-aventis will be responsible for the global commercialisation of TroVax(R) and will book the sales worldwide. Oxford BioMedica retains an option to participate in the promotion of TroVax(R) in the United States and the European Union.

TroVax(R) may be developed by sanofi-aventis as a treatment for any cancer type. Based on the broad distribution of the 5T4 tumour antigen, TroVax(R) has potential application in a wide range of solid tumours, including renal, colorectal, lung, breast and prostate cancer.

Professor Alan Kingsman, Chief Executive of Oxford BioMedica, commented: "We are delighted to have sanofi-aventis as our partner for TroVax(R) given their broad expertise, experience and resources in oncology and their long standing world-class research and development capabilities in cancer immunology. We look forward to working with our new partner to advance the development and commercialisation of TroVax(R) and, importantly, to provide cancer patients with new treatment options."

Analyst meeting:
An analyst briefing will be held at 11.45 am today at the offices of Buchanan Communications, 45 Moorfields, London EC2Y 9AE.

Web cast:
Simultaneously to the analyst briefing at 11.45 am, there will be a live audio web cast of the presentation. To connect to the web cast facility, please go to the Company’s website: http://www.oxfordbiomedica.co.uk/ approximately 10 minutes (11.35 am) before the start of the briefing. This will also be available for replay shortly after the presentation.

SOURCE: Oxford BioMedica

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