Astellas Pharma Inc., the Japanese pharmaceutical giant, has extended its technology licensing with Regeneron Pharmaceuticals Inc. in a deal that could bring the Westchester-based company $295 million in the next eight years.
Astellas initially will pay $165 million to Regeneron to continue using the company”™s platform technology, VelocImmune, to develop human antibody drug candidates. Unless it ends the agreement earlier, Tokyo-based Astellas in June 2018 will pay another $130 million to Regeneron, the largest employer and tenant on The Landmark at Eastview life sciences campus in the town of Greenburgh.
If the technology leads to discovery of any commercialized drugs, Astellas will pay Regeneron a royalty on product sales in the 5 percent range.
The recently announced agreement supersedes a six-year contract that has reaped $80 million for Regeneron since 2007. Astellas and Regeneron officials said about 20 antibody research projects are under way at Astellas and Agensys Inc., a U.S. affiliate of Astellas.
Astellas Pharma executives last month told elected officials in Westchester the company will not complete the move of its recently acquired subsidiary, OSI Pharmaceuticals Inc., from Long Island to the Ardsley Park Science and Technology Center in Greenburgh. Instead, Astellas will close its limited OSI operations there in June 2011.
