REDWOOD CITY, Calif. (AP) — Biotechnology company PDL BioPharma Inc. said Thursday it agreed to sell a Brooklyn Park, Minn., antibody manufacturing facility to Denmark-based Genmab A/S for $240 million.
Under the deal, Genmab also will acquire land, equipment and access to leased space that houses a development lab.
PDL said the facility includes two 1,000 liter and two 10,000 liter bioreactors that can make multiple antibody products simultaneously.
Genmab said the lab will allow it to transition three antibodies from research to manufacturing per year.
Genmab said it will keep about 170 employees that currently work at the facility.
Under the deal, Genmab will produce clinical material to supply some of PDL's investigational studies for some of its pipeline products.
Genmab said Torben Lund-Hansen will serve as president of the facility. Lund-Hansen has worked as vice president and head of manufacturing at Genmab since 2002.
The deal is expected to close by the end of the first quarter.