Genmab Agrees to Buy Minnesota Biotech Manufacturing Plant from PDL Biopharma

Thu Feb 21, 2008 3:00pm EST

* Reuters is not responsible for the content in this press release.

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)
tcarlson@psbpr.com

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