Wednesday October 9 11:09 AM EDT
Enzon completes know-how transfer to Schering Corporatoin for
PISCATAWAY, N.J.--(BUSINESS WIRE)--October 9, 1996-- Enzon Inc
announced today that it has successfully completed the transfer of
know-how for the manufacture of PEG-INTRON A to Schering
Corporation, a subsidiary of Schering-Plough Corporation, and has
received a payment of $1 million.
In 1995, Schering and Enzon amended their existing agreement to
include the transfer of Enzon's PEG-INTRON A know-how and worldwide
manufacturing rights to Schering for $3 million, of which $2
million was paid last year. At that time, Schering invested $2
million in Enzon's common stock. Enzon retained the option to be
Schering's exclusive manufacturer of the product for the U.S.
The amended license agreement for PEG-INTRON A provides Schering
with exclusive worldwide marketing rights. Schering is responsible
for conducting clinical trials and obtaining regulatory approvals.
Enzon will receive additional milestone payments of approximately
$5.5 million during the development of the product and royalties on
any product sales.
PEG-INTRON A is in Phase I clinical trials. PEG-INTRON A is a
modified form of INTRON A (interferon alfa-2b), which is designed
to have longer-acting properties. INTRON A, a genetically
engineered anticancer and antiviral agent developed and marketed
worldwide by Schering-Plough, generated sales of $433 million in
"This payment, along with the Company's already low burn rate,
should allow us to complete another quarter without a substantial
change in our cash position," stated Peter G. Tombros, Enzon's
President and Chief Executive Officer.
Enzon is a biopharmaceutical company developing advanced
therapeutics for life-threatening diseases through the application
of its proprietary technologies. The Company's research activities
are focused primarily in the area of oncology, including the
development of a hemoglobin-based oxygen carrier as an enhancement
to radiation therapy of solid tumors. Enzon has two FDA approved
drugs -- ADAGEN, a treatment for Severe Combined Immunodeficiency
Disease and ONCASPAR , for the treatment of acute lymphoblastic
leukemia, which is being marketed by Rhone-Poulenc Rorer
Pharmaceuticals, Inc. The Company also pursues commercialization of
its proprietary technologies through strategic partnering,
including arrangements with Rhone-Poulenc Rorer Pharmaceuticals,
Inc., Eli Lilly, Bristol-Myers Squibb, Inc., and Baxter Health
Care. Enzon is headquartered in Piscataway, NJ.
CONTACT: Kimberly Cooper; Enzon, Inc.; (908) 980-4577;
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