Royalty Pharma and InNexus Biotechnology Have Completed The Previously Announced Agreement Regarding the Purchase of Royalty Rig
07 June 2007 - 12:00AM
PR Newswire (US)
NEW YORK and VANCOUVER, British Columbia, June 6
/PRNewswire-FirstCall/ -- Royalty Pharma and InNexus Biotechnology
Inc. (Toronto Stock Exchange: IXS.V, OTC Bulletin Board: IXSBF),
today announced that Royalty Pharma has completed the previously
announced (see April 26, 2007 News Release) purchase of a royalty
interest in up to two products targeting cancer based on InNexus'
Dynamic Cross Linking (DXL(TM)) antibody enhancement technology.
Under the terms of the agreement, Royalty Pharma has paid for the
first royalty interest for US$2 million and holds an option to
purchase a royalty interest in a second product for an additional
US$2 million. The total purchase price for the royalty interests
may be increased by up to $30 million for the two products if
certain conditions are fulfilled. In addition, Royalty Pharma has
paid for the purchase of 1,096,890 common shares of InNexus at a
price of $1.01 CDN per Share for a total additional investment of
US$1,000,000. These proceeds will be used to fund development of
the first antibody product under the Agreement. The shares are
subject to a hold period expiring on October 5, 2007. Pablo
Legorreta, Chief Executive Officer of Royalty Pharma stated, "I am
looking forward to working with Mr. Morhet and his team at InNexus
on this project. With our validation and support, InNexus' DXL(TM)
antibody therapeutics offers a very promising new avenue for the
development of next generation product candidates for cancer and
other treatments." Jeff Morhet, President and CEO of InNexus said,
"We are pleased to be working with Royalty Pharma on this project
and welcome them as a shareholder of our company. Royalty Pharma
has a proven track record of identifying and investing in promising
commercial pharmaceutical entities and products, and we look
forward to their continued support in our efforts to develop
DXL(TM) based products." Morhet continued, "We see this as an
important step in our strategy of using DXL(TM) technology to build
a portfolio of commercially attractive biotech products." About
Royalty Pharma Royalty Pharma is the industry leader in acquiring
revenue-producing intellectual property -- principally royalty
interests in marketed and late stage biopharmaceutical products
with a market value of over $3.2 billion. Royalty Pharma currently
owns a diversified portfolio or royalty interests in several
high-quality blockbuster biopharmaceutical products, including
Abbott's Humira(R), Centocor's Remicade(R), Amgen's Neupogen(R) and
Neulasta(R), Genentech's Rituxan(R), Gilead's Emtriva(R),
Truvada(R) and Atripla(R), and Celgene's Thalomid(R). The company
has a ten year history of providing value to holders of royalty
interests, including its $700 million acquisition of the Humira(R)
royalty from AstraZeneca plc, its $650 million acquisition of the
Remicade(R) royalty from New York University, its joint $525
million acquisition with Gilead Sciences of Emory University's
emtricitabine royalty interest and its acquisitions of
approximately 80% of Memorial Sloan Kettering's U.S. and
international royalty interests in Neupogen(R) and Neulasta(R) for
over $400 million. More information on Royalty Pharma is available
at http://www.royaltypharma.com/. About InNexus Biotechnology
InNexus is a drug development company commercializing the next
generation of monoclonal antibodies based on its Dynamic Cross
Linking (DXL(TM)) technology improving the potency of existing
antibody products while opening new markets and disease
applications. DXL(TM) antibodies utilize unique, novel and patented
methods and technologies of InNexus. InNexus is headquartered in
British Columbia with principal management based in Scottsdale,
Arizona on the campus of Mayo Clinic and has its own in-house
developmental facilities. These development facilities provide
validation of protein and peptide discoveries, enabling InNexus
(and its strategic partners) to advance novel drug therapeutics and
diagnostics. To learn more about InNexus, please visit
http://www.ixsbio.com/. The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of
this news release. This news release may contain assumptions,
estimates, and other forward-looking statements involving inherent
risks and uncertainties and are subject to factors, many of which
are beyond the Company's control that may cause actual results or
performance to differ materially from those currently anticipated
in such statements. DATASOURCE: InNexus Biotechnology Inc.; Royalty
Pharma CONTACT: Jeff Morhet, President & CEO of InNexus,
+1-480-862-7500, or Pablo Legorreta, Chief Executive Officer, or
Alexander Kwit, Executive Vice President & General Counsel,
both of Royalty Pharma, +1-212-883-0200 Web site:
http://www.royaltypharma.com/ Web site: http://www.ixsbio.com/
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