Regeneron Pharma (REGN) And Cellectis Enter Into Agreement

July 3, 2008 1:01 PM EDT

Regeneron Pharmaceuticals (Nasdaq: REGN) and Cellectis S.A. entered into an Amended and Restated Non-Exclusive License Agreement. The License Agreement resolves a dispute between the parties related to the interpretation of a license agreement entered into by the parties in December 2003 pursuant to which the Company licensed certain patents and patent applications relating to a process for the specific replacement of a copy of a gene in the receiver genome by homologous recombination. Pursuant to the License Agreement, the Company will make an up-front payment to Cellectis in the amount of $12,450,000.

In addition, the Company will pay Cellectis a low single-digit royalty based on revenue received by the Company from any future licenses or sales of the Company’s VelociGene® or VelocImmune® products and services. No royalties are payable with respect to the Company’s VelocImmune license agreements with AstraZeneca UK Limited and Astellas Pharma Inc. or the Company’s November 2007 collaboration agreement with sanofi-aventis. Moreover, no royalties are payable on any revenue from commercial sales of antibodies from the Company’s VelocImmune technology.

Regeneron Pharmaceuticals and Cellectis entered into a Subscription Agreement pursuant to which the Company will acquire 368,301 ordinary shares of Cellectis, par value EUR 0.05 per share, at a price of EUR 8.63 per share, for a total of EUR 3,178,437.63. The subscription is contingent upon the prior approval of the board of directors of Cellectis and by the shareholders of Cellectis at an extraordinary general meeting to be held no later than October 30, 2008.

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