Chiron (NASDAQ:CHIR)
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Chiron Grants Nonexclusive HCV License to Vertex
EMERYVILLE, Calif., Nov. 7 /PRNewswire-FirstCall/ -- Chiron Corporation today
announced that it has granted a nonexclusive license to Vertex Pharmaceuticals
for the research, development and commercialization of therapeutics against
certain hepatitis C virus (HCV) drug targets. In addition, Chiron was granted
limited rights to review Vertex's compound VX-950, a potential treatment for HCV
infection, for potential licensing. The financial terms and other details of
the license were not disclosed.
"As this agreement illustrates, Chiron is committed to making its technology for
hepatitis C widely available to companies researching new therapies for this
disease," said William G. Green, Esq., Chiron general counsel. "We are
continuing to work on addressing this major medical need by licensing our
technology to other companies and by pursuing our own research into agents to
prevent and treat hepatitis C."
As part of the licensing agreement, Chiron and Vertex have settled a patent
infringement suit that Chiron brought against Vertex in 1998. The suit claimed
that Vertex violated several patents related to Chiron's hepatitis C
technology.
About Hepatitis C
In 1987, Chiron scientists Michael Houghton, Ph.D.; Qui-Lim Choo, Ph.D.; and
George Kuo, Ph.D., cloned and first identified HCV as the cause of
transfusion-related non-A, non-B hepatitis. This breakthrough marked the first
time a virus was cloned before it had been grown in tissue culture or otherwise
isolated. The Chiron scientists received the prestigious Lasker Award in
recognition of this discovery. Since the initial work, Chiron has been granted
more than 100 HCV-related patents in over 20 countries, including patents
directed to hepatitis C polypeptides encoded throughout the genomes of HCV.
Such polypeptides can be used in a variety of medical applications, including
blood screening, clinical diagnosis, vaccines and as therapeutic targets for
drug screening. A number of therapeutic companies have been granted
nonexclusive licenses to Chiron's HCV technology for drug screening purposes,
including Bristol-Myers Squibb, GlaxoSmithKline, Japan Tobacco Inc. and Gilead.
About Chiron
Chiron Corporation, headquartered in Emeryville, California, is a global
pharmaceutical company that leverages a diverse business model to develop and
commercialize high-value products that make a difference in people's lives. The
company has a strategic focus on cancer and infectious disease. Chiron applies
its advanced understanding of the biology of cancer and infectious disease to
develop products from its platforms in proteins, small molecules and vaccines.
The company commercializes its products through three business units:
BioPharmaceuticals, Vaccines and Blood Testing. For more information about
Chiron, visit the company's website at http://www.chiron.com/.
This news release contains forward-looking statements regarding royalty revenue
and the possible grant of additional licenses that involve risks and
uncertainties and are subject to change. A full discussion of the company's
operations and financial condition, including factors that may affect its
business and future prospects, is contained in documents the company has filed
with the SEC, including the form 10-Q for the quarter ended June 30, 2003, and
the form 10-K for the year ended December 31, 2002, and will be contained in all
subsequent periodic filings made with the SEC.
Consistent with SEC Regulation FD, we do not undertake an obligation to update
the forward-looking information we are giving today.
DATASOURCE: Chiron Corporation
CONTACT: Chiron Corporate Communications & Investor Relations, media,
+1-510-923-6500, or investors, +1-510-923-2300
Web site: http://www.chiron.com/