July 29, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) said that Astellas Pharma Inc. has extended through 2023 a non-exclusive license agreement that allows Astellas to utilize Regeneron's VelocImmune technology in its internal research programs to discover fully human monoclonal antibody product candidates.

Under the deal, Astellas will pay $165 million upfront and another $130 million in June 2018 unless it terminates the agreement prior to that date.

Upon commercialization of any antibody products discovered utilizing VelocImmune, Astellas will pay a mid-single-digit royalty on product sales.

In March 2007, Astellas and Regeneron entered into a six-year VelocImmune license agreement pursuant to which Astellas made license payments of $20 million per year in 2007 through 2010.

The latest amendment supersedes the original agreement and as such, Astellas will no longer make annual license payments in 2011 and 2012.

Regeneron said that round 20 monoclonal antibody projects using VelocImmune technology are ongoing at Astellas and Agensys, Inc., a U.S. affiliate of Astellas.

Japan-based Astellas Pharma is a pharmaceutical has around 15,000 employees worldwide. The company is focused on rapidly establishing a business model in urology, immunology & infectious diseases, neuroscience, DM complications & metabolic diseases and oncology.

Astellas has discovered a treatment for over-active bladder, and an immunosuppressant, Prograf.

New York-based Regeneron Pharmaceuticals is a biopharmaceutical company that discovers, develops, and commercializes medicines.  In addition to Arcalyst Injection for Subcutaneous Use, its first commercialized product, Regeneron has therapeutic candidates in Phase 3 clinical trials for the potential treatment of gout, diseases of the eye (wet age-related macular degeneration and central retinal vein occlusion), and certain cancers.

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