HGSI will receive an upfront payment, annual fees and milestone payments on any products Amgen develops based on a gene
Human Genome Grants Gene Rights to Amgen Monday January 9, 8:42 am ET Human Genome Sciences Licenses Therapy, Test Rights for Discovered Gene to Amgen
ROCKVILLE, Md. (AP) -- Biotech company Human Genome Sciences Inc. said Monday that it licensed rights for the development of therapeutics and medical tests for a gene it discovered to Amgen Inc. Human Genome shares rose 72 cents, or 7.5 percent, in premarket activity after closing at $9.65 on Friday.
Specific financial details were not disclosed, but Human Genome Sciences said it will receive an upfront payment, annual fees and milestone payments on any products Amgen develops based on a gene that may have potential applications for autoimmune diseases, immune deficiencies or suppression, and cancer.
Under the agreement, the worldwide rights for a therapeutic product are exclusively licensed to Amgen, while the rights for a medical test are non-exclusive.
Human Genome will also receive royalties if any products based on the gene are sold commercially.