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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report: (Date of earliest event reported): July 12, 2000 (June 30, 2000)
TEXAS BIOTECHNOLOGY CORPORATION
(Exact name of registrant as specified in its charter)
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DELAWARE 1-12574 13-3532643
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
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7000 FANNIN, 20TH FLOOR
HOUSTON, TEXAS 77030
(Address of Registrant's principal executive offices)
(713) 796-8822
(Registrant's telephone number, including area code)
(NOT APPLICABLE)
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
This report contains forward-looking information that is subject to certain
risks, trends and uncertainties that could cause actual results to differ
materially from those projected. Among those risks, trends and uncertainties
are attainment of research and clinical goals of product candidates, attainment
of required governmental approval, and availability of financing and revenues
sufficient to fund development of product candidates and operations. In
particular, you should give careful consideration to cautionary statements made
in the reports we have filed with the Securities and Exchange Commission,
including our most recently filed Form 10-K and Form 10-Q.
On July 10, 2000, we and Schering-Plough Corporation announced a worldwide
research collaboration and license agreement to discover, develop and
commercialize VLA-4 antagonists. VLA-4 antagonists represent a new class of
compounds that has shown promise in multiple preclinical animal models of
asthma. The primary focus of the collaboration will be to discover orally
available VLA-4 antagonists as treatments for asthma.
Under the terms of the agreement, Schering-Plough obtains the exclusive
worldwide rights to develop, manufacture and market all compounds from our
library of VLA-4 antagonists, as well as the rights to a second integrin
antagonist. We will be responsible for optimizing a lead compound and
additional follow-on compounds. Schering-Plough will support our research and
will be responsible for all costs associated with the worldwide product
development program and commercialization of the compound. In addition to
research costs, Schering-Plough will pay an upfront license fee, development
milestones and royalties on product sales resulting from the agreement. Total
payments to us for both programs, excluding royalties, could reach $87 million.
VLA-4, also referred to as the integrin (alpha) 4 (beta) 1 plays a key role in
inflammation by binding to VCAM-1. VCAM-1, a member of the family of proteins
called cell adhesion molecules, are also known to be involved in the
inflammatory response and cause white blood cells to migrate to sites of
inflammation on the walls of blood vessels. VLA-4 is found on most types of
white blood cells. Currently, more than 15 million people in the United States
suffer from asthma and more than $12 billion a year is spent to treat this
condition. As most drugs do not cure the underlying cause of the disease, there
is a clear medical need for more effective therapies.
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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 thereunto duly authorized.
Date: July 12, 2000 TEXAS BIOTECHNOLOGY CORPORATION
/s/ Stephen L. Mueller
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Stephen L. Mueller
Vice President, Finance and Administration,
Secretary and Treasurer
