Andrew Perlman, M.D., Ph.D.
Barbara Bronson Gray
AMGEN AND TULARIK ANNOUNCE ONCOLOGY
AMGEN ACQUIRES 20+% OF TULARIK THROUGH EQUITY
INVESTMENTS AND PURCHASE OF ZKB SHARES
Thousand Oaks, Calif. and South San Francisco, Calif. – May 21, 2003 – Amgen
(Nasdaq: AMGN) and Tularik (Nasdaq: TLRK) today announced they have
signed an agreement to collaborate on the discovery, development, and
commercialization of therapeutics aimed at oncology targets. Under the
collaboration, Amgen, the world’s largest biotechnology company, will select
oncology targets identified by Tularik, and the companies will jointly embark on
multiple drug discovery and development programs over a five-year period.
The terms of the collaboration include milestones payable to Tularik of up to $21
million per target, $50 million in committed research funding over a five-year
period and royalties on net commercial sales of Amgen products resulting from
the collaboration. Amgen has exclusive worldwide commercialization rights to
such products with Tularik retaining an option to certain co-promotion rights in
the United States on a product-by-product basis. In addition, Tularik retains
commercialization rights to some products resulting from the collaboration. As
part of the collaboration, Amgen will purchase $35 million worth of newly-issued
Tularik common stock at $10 per share. Over the next three years, Amgen will
purchase an additional $40 million in newly-issued Tularik common stock at then
market prices. In aggregate, Tularik will receive $125 million in committed
funding under the terms of the agreement.
In a separate transaction, Amgen has also agreed to initially purchase 6 million
shares of Tularik’s outstanding common stock from ZKB Pharma Vision AG.
Following the required Hart Scott Rodino approval, Amgen will purchase an
additional 3 million shares of Tul