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IMMUNEX ANNOUNCES PRODUCT EXCHANGE WITH BRISTOL-MYERS SQUIBB

 IMMUNEX ANNOUNCES PRODUCT EXCHANGE WITH BRISTOL-MYERS SQUIBB
 SEATTLE, Jan. 30 /PRNewswire/ -- Immunex Corp. (NASDAQ: IMNX) today announced the formation of an international product exchange with Bristol-Myers Squibb Co. (NYSE: BMY) to develop and market cancer therapeutics.
 Under the new agreement, Immunex and Bristol-Myers Squibb will coordinate clinical and marketing strategies for Immunex's second- generation blood cell growth factor, PIXY321. Bristol-Myers Squibb will receive rights to register and market PIXY321 outside of the United States and Canada, while Immunex will retain worldwide manufacturing rights and will supply all of Bristol-Myers Squibb's clinical trial and commercial product requirements.
 The agreement also calls for Immunex to receive U.S. marketing rights to certain Bristol-Myers Squibb products, including HYDREA(R) (hydroxyurea) and RUBEX(R) (doxorubicin hydrochloride). The agreement is subject to review by U.S. government agencies under the Hart-Scott- Rodino Act.
 PIXY321 is a white blood cell and platelet stimulant currently in Phase I clinical trials for the treatment of certain blood cell disorders associated with cancer chemotherapy. HYDREA is an anti- tumor agent currently indicated for use in treating melanoma, chronic myelocytic leukemia and ovarian cancer. RUBEX is Bristol-Myers Squibb's brand of doxorubicin, one of the most widely used anti-cancer agents in the world.
 "These products will help Immunex continue to build strong relationships with hospitals, group purchasing organizations and practicing oncologists," said Stephen Duzan, Immunex chairman and chief executive officer. "This product line extension is a perfect fit for Immunex that will both strengthen our position in the oncology marketplace and complement LEUKINE(R) (sargramostim), our first approved product. We're pleased to establish this agreement with the world's leading oncology company."
 Immunex is a biopharmaceutical company focused on the research, development, manufacture and marketing of products to treat cancer and autoimmune disease. Immunex is developing an extensive portfolio of therapeutic products which have the potential to treat a wide range of immune system disorders.
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 NOTE TO EDITORS: Additional details about this agreement will be provided by Immunex Chairman Stephen Duzan at a press luncheon, 12 p.m., Jan. 30, The New York Helmsley Hotel, Third Floor, 212 East 42nd Street, New York.
 /CONTACT: Jason Rubin or Valoree Dowell of Immunex Corp., 206-587-0430/
 (IMNX BMY) CO: Immunex Corp.; Bristol-Myers Squibb ST: Washington, New York IN: MTC SU:


LM-JH -- SE005 -- 5075 01/30/92 08:31 EST
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Date:Jan 30, 1992
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