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Facet Biotech and Trubion to co-develop leukemia drug
October 2009
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REDWOOD CITY, Calif.Facet Biotech Corp. and Trubion Pharmaceuticals Inc. have signed an agreement for the development and commercialization of TRU-016, a product candidate in Phase 1 clinical development for chronic lymphocytic leukemia (CLL). TRU-016 is a CD37-directed, small modular immunopharmaceutical protein therapeutic. The collaboration agreement includes TRU-016 in all indications and all other CD37-directed protein therapeutics. Trubion will receive an upfront payment of $20 million and may receive up to $176.5 million in additional contingent payments. The companies will share the costs of all development, commercialization and promotional activities and all global operating profits. In addition, Facet will purchase 2.2 million shares of newly issued Trubion common stock for an aggregate purchase price of $10 million.          

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