ENZON AND SCHERING CORPORATION REVISE WORLDWIDE AGREEMENT FOR PEG-INTRON A.PISCATAWAY, N.J. and MADISON, N.J.--(BUSINESS WIRE)--July 10, 1995-- Enzon, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ENZN) and Schering Corporation, a subsidiary of Schering-Plough Corporation (NYSE NYSE See: New York Stock Exchange :SGP SGP Singapore (ISO Country code) SGP Schering-Plough (stock symbol) SGP Stability and Growth Pact SGP Southern Great Plains SGP Staatkundig Gereformeerde Partij SGP Speedway Grand Prix ), announced today revisions to their worldwide agreement for PEG-INTRON A. Under the new arrangement, Schering will obtain Enzon's proprietary know-how and acquire manufacturing rights for PEG-INTRON A. Schering has purchased $2 million worth of Enzon common stock at market value and has paid a $2 million license fee, with an additional $1 million to be paid upon completion of the technology transfer. Enzon has an option to become Schering's exclusive manufacturer of PEG-INTRON A for the U.S. market. Schering will retain exclusive worldwide marketing rights for PEG-INTRON A and be responsible for conducting clinical studies and securing regulatory approval. Under the terms of the original agreement, Enzon retains worldwide royalties on sales of the product and milestone payments. Last quarter Enzon delivered to Schering two PEG-INTRON A formulations having improved performance characteristics for anticipated clinical trials. PEG-INTRON A is a modified form of Schering's INTRON Intron In split genes, a portion that is included in ribonucleic acid (RNA) transcripts but is removed from within a transcript during RNA processing and is rapidly degraded. A(R) (interferon alfa-2b interferon alfa-2b, recombinant Intron A, Viraferon (UK) Pharmacologic class: Biological response modifier Therapeutic class: Antineoplastic, antiviral Pregnancy risk category C ) designed to have longer-acting properties. INTRON A is a genetically engineered genetically engineered adjective Recombinant, see there anticancer and antiviral agent antiviral agent Antiviral Infectious disease An agent that prevents viral invasion or replication, treats an infection, or thrashes the virus into latency; antivirals may be specific–see below or nonspecific–eg, IFNs, which stimulate host defenses , developed and marketed worldwide by Schering and its affiliates."We are pleased to strengthen our relationship with Schering, and believe this new arrangement demonstrates Schering's continued commitment to PEG-INTRON A," stated Peter G. Tombros, Enzon's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "In addition, this cash infusion will help fund Enzon at least through our next fiscal year." Schering-Plough Corporation, based in Madison, N.J., is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide. Enzon is a biopharmaceutical company developing advanced therapeutics for life-threatening diseases primarily in the areas of cancer therapy, blood substitutes and genetic diseases. Through the application of its proprietary technologies, Enzon has two FDA-approved products and a full product pipeline in various stages of development. The Company has strategic alliances for several of these products with such partners as Rhone-Poulenc Rorer Pharmaceuticals, Sanofi Winthrop, Eli Lilly, Baxter Healthcare and others. Enzon is headquartered in Piscataway, N.J. CONTACT: John A. Caruso Enzon, Inc. 908/980-4510 or Ronald J. Asinari Schering-Plough Corporation 201/822-7402 |
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