WILEX acquires Oncogene Science assets from Siemens Healthcare Diagnostics
• Strategic addition to WILEX’s leading IP portfolio in CA IX and uPA
• Commercial business with product revenues in companion diagnostics
Munich, Germany, Cambridge, MA, USA; 17 November, 2010. WILEX AG (ISIN DE0006614720 / WL6 / Frankfurt Stock Exchange) today announced the signing of an agreement with Siemens Healthcare Diagnostics to acquire the assets of Oncogene Science, a commercial business entity of Siemens Healthcare Diagnostics, for approximately Euro 500,000 in cash. WILEX Inc., a wholly owned newly founded US subsidiary of WILEX AG, will license patent rights, acquire inventory including a stock of marketable diagnostic kits and will also take over the fully equipped, state-of-the-art laboratory facilities in Cambridge, MA. WILEX will also pay low-mid single digit royalties on the sales of diagnostic kits to Siemens Healthcare Diagnostics.
WILEX Inc. will employ a team of 10 current Oncogene staff, including scientists, experienced management and a sales team. The newly established unit will focus exclusively on the manufacturing, marketing and sales of diagnostic assays developed at Oncogene Science to existing and new customers in the pharmaceutical and reference laboratory industries. WILEX Inc. provides a US footprint for WILEX AG and it will also be used as a base from which to conduct regulatory affairs in North America.
Oncogene Science is a specialist in the development, manufacturing and commercialization of a variety of oncology biomarker assays with a specific focus on measuring proteins in blood. The licensed IP portfolio includes the only FDA cleared Serum HER-2/neu ELISA kit, CA IX patents covering CA IX ELISA and IHC products, as well as a uPA diagnostics patent family, which is complementary to the WILEX uPA therapeutic IP portfolio. Diagnostic kits based on this patent portfolio are manufactured at Oncogene’s ISO registered manufacturing facilities in Cambridge, MA. Siemens will retain automated platform rights for the Oncogene products, including Serum HER-2/neu and CA IX.
“Strategically this is a very important step for WILEX,” said Professor Olaf G. Wilhelm, CEO of WILEX AG. “The acquisition gives us commercial products and revenues in companion diagnostics along with a license to significant IP in the CA IX and uPA fields.”
Michael Reitermann, CEO of Siemens Healthcare Diagnostics Inc. added: “WILEX represents an excellent partner for the Oncogene Science business. WILEX’s therapeutic candidates in the fields of uPA and CA IX illustrate their expertise in these areas, and are complementary to Oncogene’s diagnostic kits and intellectual property.”
Invitation to the conference call
WILEX will hold a conference call on Thursday, 18 November 2010 at 10:00 a.m. CET for media representatives and shareholders in German. WILEX will also be available for analysts and investors in English at 4:00 p.m. CET.
Please dial in ten minutes before the conference calls using the following dial-in numbers:
Dial in numbers
Germany +49 (0) 69 6677 75756
UK +44 (0) 2030032666
USA +1 212 999 6659
You will be welcomed by an operator taking your name and company. The German presentation for the conferences will be available for download at the website from 9:00 a.m. CET and the English version from 2:00 p.m. CET. A replay of the conferences will be available on 19 November on http://www.wilex.de/IR/Presentations.php.
About WILEX AG
WILEX AG is a biopharmaceutical company based in Munich and is listed at the Frankfurt Stock Exchange at the Regulated Market / Prime Standard. WILEX’s mission is to develop drugs with a low side effect profile and targeted treatment of different types of cancer as well as diagnostic agents for specific detection of tumours. The Company’s product candidates are based on antibodies and small molecules. WILEX has an attractive product pipeline which includes both drug and diagnostic candidates: For REDECTANE® WILEX is currently preparing an application for approval in the United States. RENCAREX® is undergoing a Phase III registration trial. Positive MESUPRON® Phase II data in the indication pancreatic cancer have been published and another Phase II trial in breast cancer is ongoing. The MEK inhibitor WX-554 has completed a Phase I trial. A further oncology project (PI3K inhibitor WX-037) is in preclinical development and three antibody programmes are in research. WILEX aims within a few years to be able to finance its research and development programmes from its operating cash flow. Website: http://www.WILEX.com, ISIN DE0006614720 / WKN 661472 / Symbol WL6
About Siemens Healthcare
The Siemens Healthcare Sector is one of the world’s largest suppliers to the healthcare industry and a trendsetter in medical imaging, laboratory diagnostics, medical information technology and hearing aids. Siemens offers its customers products and solutions for the entire range of patient care from a single source – from prevention and early detection to diagnosis, and on to treatment and aftercare. By optimizing clinical workflows for the most common diseases, Siemens also makes healthcare faster, better and more cost-effective. Siemens Healthcare employs some 48,000 employees worldwide and operates around the world. In fiscal year 2010 (to September 30), the Sector posted revenue of 12.4 billion euros and profit of around 750 million euros. For further information please visit: www.siemens.com/healthcare.
About Oncogene Science
NCI/NIH scientists established Oncogene Science, Inc. in 1983 as a research and development organization focused on cancer and oncogenes. In 1999, Oncogene Science, Inc. became part of the diagnostics business group of Bayer Corporation, the U.S. holdings of Bayer AG. Effective 1999, Oncogene Science Diagnostics assumed the trade name Oncogene Science. In 2006, Oncogene Science was acquired by Siemens Healthcare Diagnostics Inc., and develops, manufactures, and markets high quality, ready-to-use cancer reagent systems for commercial and clinical research customers worldwide. It is the goal to provide novel FDA-cleared oncology assays for the clinical immunodiagnostic market to enhance the care and treatment of cancer patients worldwide as well as lead the way in developing new biomarker assays to further advance oncology care.
Companion diagnostics can be defined as bioanalytical methods designed to select patients for therapy, to assess how patients will respond to a specific medical treatment and monitor patient’s treatment and outcome.
Katja Arnold (CIRO)
Tel.: +49 (0)89-41 31 38-126
Fax: +49 (0)89-41 31 38-99
Director, Public Relations
Siemens Medical Solutions USA, Inc.
51 Valley Stream Pkwy.
Malvern, PA 19355 USA
This communication contains certain forward-looking statements relating to the Company’s business, which can be identified by the use of forward-looking terminology such as „estimates“, „believes“, „expects“, „may“, „will“ „should“ „future“, „potential“ or similar expressions or by a general discussion of the Company’s strategy, plans or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results of operations, financial position, earnings, achievements, or industry results, to be materially different from any future results, earnings or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors and partners are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such forward-looking statements to reflect future events or developments.