SOUTH SAN FRANCISCO, Calif., and GREENWICH, Conn., Dec. 20 /PRNewswire- FirstCall/ -- Cell Genesys, Inc. (Nasdaq: CEGE) and GBP IP, LLC, an affiliate of GBP Capital, the majority shareholder in privately held Lentigen Corporation, today announced that the two companies have entered into an asset sale agreement relating to Cell Genesys' lentiviral gene delivery technology, commonly referred to as lentiviral vectors. Pursuant to the agreement, Cell Genesys has received a payment of $12 million from GBP IP, LLC in exchange for all intellectual property and previously established licensing agreements relating to its lentiviral gene delivery technology. Cell Genesys will retain rights to use the technology for research and development purposes, including potential future use with cancer immunotherapy products.
"We are pleased to have entered into this agreement with GBP IP, LLC and Lentigen, a leader in the field of lentiviral gene delivery technology, and wish them every success in the further development of this important technology," stated Robert Tidwell, senior vice president of corporate development at Cell Genesys. "This agreement reflects Cell Genesys' ongoing commitment and ability to leverage its non-core business assets and in so doing build shareholder value."
Over the years, Cell Genesys has successfully leveraged its non-core
business assets through strategic spin outs and outlicensing agreements. In
1996, Cell Genesys spun out its antibody technology creating Abgenix, a
company that was acquired in 2005 by Amgen for approximately $2.6 billion.
In 2001, Cell Genesys launched Ceregene, a privately held company that is
focused on developing gene therapies for neurodegenerative disorders. Cell
Genesys currently holds a
|SOURCE Cell Genesys, Inc.; GBP IP, LLC|
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