NovImmune SA

In December 2004, CAT entered into a library licence agreement with NovImmune (http://www.novimmune.com). Under the terms of the agreement, NovImmune received a licence to use CAT's antibody libraries to develop antibodies against its proprietary targets and ongoing expert support from the technology transfer team. CAT received an upfront licence fee and will receive milestone payments during the course of development and royalty payments and co-development options for any products successfully developed.

In May 2005, NovImmune granted Serono an option to take exclusive worldwide rights to develop and commercialise NI-0501, a human monoclonal antibody drug candidate, currently in pre-clinical development to treat autoimmune diseases, which NovImmune developed using CAT's antibody libraries. Under the terms of its agreement with NovImmune, CAT will receive milestone payments during the course of development and royalty payments on sales arising from this programme.