SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 9, 2000
(Date of Report)
(Date of Earliest Event Reported)
TARGETED GENETICS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Washington 0-23930 91-1549568
(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
1100 Olive Way, Suite 100, Seattle, WA 98101
(Address of Principal Executive Offices, including Zip Code)
(206) 623-7612
(Registrant's Telephone Number, Including Area Code)
None
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On November 9, 2000, Targeted Genetics Corporation and Genetics Institute,
Inc., the biotechnology research division of Wyeth-Ayerst, a division of
American Home Products Corporation, agreed to collaborate on the development of
gene therapy products for the treatment of hemophilia.
Pursuant to a Product Development Agreement, Targeted Genetics has agreed
to utilize its expertise to deliver gene-encoding proteins for the treatment of
hemophilia. In return, Genetics Institute has agreed to provide expertise and to
manage the clinical trials and related regulatory filings required for product
approval and marketing. Genetics Institute also has agreed to pay Targeted
Genetics $5 million in up-front payments and up to $15 million for development
of the first protein product over the next three years, subject to the
achievement of specified objectives and development and commercialization
milestones. Genetics Institute will also have an option to collaborate on the
development of a an additional product utilizing a second protein. This optional
collaboration, if developed, would trigger additional payments to Targeted
Genetics. Wyeth-Ayerst and Genetics Institute will retain global marketing
rights for any potential products resulting from the collaboration.
Pursuant to a related Supply Agreement, Genetics Institute also has agreed
to pay Targeted Genetics to manufacture potential products for clinical trials
and, upon approval, for commercial use. Genetics Institute also has agreed to
loan Targeted Genetics, upon its request, up to $10 million to finance
manufacturing facility expansions. The total value of the collaboration to
Targeted Genetics, excluding the costs of clinical trials, regulatory filings
and clinical and commercial manufacturing payments, could reach $80 million.
The Product Development Agreement and Supply Agreement are filed as
exhibits to this report and are incorporated into this report by reference. This
summary of the provisions of the agreements is not complete and you should refer
to the exhibits for a copy of the actual agreements. A copy of the press release
issued by Targeted Genetics on November 9, 2000 with respect to the Genetics
Institute collaboration is attached to this report as Exhibit 99.1 and is
incorporated in this report by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
10.1 Product Development Agreement dated November 9, 2000, between
Targeted Genetics Corporation and Genetics Institute, Inc.*
10.2 Supply Agreement dated November 9, 2000, between Targeted Genetics
Corporation and Genetics Institute, Inc.*
99.1 Press Release dated November 9, 2000.
_________________
* Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omitted portions of this exhibit have been filed separately with the Securities
and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TARGETED GENETICS CORPORATION
Date: February 21, 2001 By: /s/ H. Stewart Parker
-----------------------------
H. Stewart Parker
President and Chief Executive Officer
INDEX TO EXHIBITS
Exhibit
Number Description
- ------ -----------
10.1 Product Development Agreement dated November 9, 2000, between Targeted
Genetics Corporation and Genetics Institute, Inc.*
10.2 Supply Agreement dated November 9, 2000, between Targeted Genetics
Corporation and Genetics Institute, Inc.*
99.1 Press Release dated November 9, 2000.
__________________
* Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omitted portions of this exhibit have been filed separately with the Securities
and Exchange Commission.