Genmab Agrees to Buy Minnesota Biotech Manufacturing Plant from PDL Biopharma
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BROOKLYN PARK, Minn.--(Business Wire)-- Genmab, an international biotech company headquartered in Copenhagen, Denmark, announced today that it has signed an agreement to buy the manufacturing facility in Brooklyn Park currently owned by PDL Biopharma for $240 million. The transaction is subject to customary closing conditions, including clearance by U.S. antitrust authorities under the Hart-Scott-Rodino Act. It will become effective as soon as these conditions have been satisfied. All 170 employees currently at the 215,000-square-foot facility received offer letters from Genmab today contingent on successful closing of the purchase. Genmab focuses on developing fully human antibody therapeutics for unmet medical needs. Diseases targeted by its products include leukemias, lymphomas, rheumatoid arthritis, and head and neck cancer. Genmab's antibodies also have potential for treatment of many other diseases. The company has 10 products in clinical testing and three products in late-stage clinical trials. Products manufactured at the Brooklyn Park plant currently are used only for clinical trials. Genmab would like to expand the use of the facility to commercial production of antibodies so that all patients have access to the drugs manufactured at the facility as they become approved by the FDA. "This plant is a world-leading facility for the production of biotechnology products," said Dr. Lisa Drakeman, Genmab president and CEO. "Its acquisition comes at an important time for Genmab as we seek to have products on the market in the coming years. We are pleased that the highly qualified workers who have been operating this facility can become a significant part of the growing Genmab team. "After all," Dr. Drakeman added, "Scandinavians were the original Vikings, so it makes sense that we would want to land in Minnesota." Joining Dr. Drakeman at the Brooklyn Park facility today were Dr. Claus Moller, chief operating officer from Genmab's headquarters in Copenhagen; Dr. Jan van de Winkel, chief scientific officer from Genmab's research labs in Utrecht, the Netherlands; and Torben Lund-Hansen, SVP, Manufacturing for Genmab. Lund-Hansen will serve as president of the Brooklyn Park facility. Genmab currently has approximately 370 employees distributed among its international locations: its headquarters in Copenhagen, and its pre-clinical research facilities in Utrecht, the Netherlands, the United Kingdom, and Princeton, N.J. The company received the 2007 Scrip Biotech Company of the Year award for its rapid growth and strong pipeline of fully-human antibodies. This is a worldwide award given annually in London. For more information on Genmab's products and technology, visit www.genmab.com Genmab Sherrie Preische, 609-937-7960 or Tracy Carlson, 612-455-1717 (office) 612-232-6578 (cell) firstname.lastname@example.org Copyright Business Wire 2008
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