Centocor Inc. and Wellcome plc have signed a partnershipagreement that could provide Centocor with up to $100 million.

The companies announced a letter of intent for the deal inSeptember.

Under the alliance, the two companies will develop Centocor'sseven monoclonal antibody-based oncology products, primarilyPanorex, Centocor's lead drug (see BioWorld, Sept. 20).Wellcome of London will market any approved drugs in mostparts of the world.

Centocor (NASDAQ:CNTO) of Malvern, Pa., announced Fridaythat Wellcome will pay $20 million for 2 million newly issuedshares of Centocor common stock, representing slightly lessthan 5 percent of the total number of outstanding commonstock.

Wellcome (NYSE:WEL) also will pay $10 million at the close ofthe transaction and may make future payments up to $70million based on milestones and acquisition of certainmanufacturing technologies.

Centocor had cash, cash equivalents and short-terminvestments of $113 million on Sept. 30 compared with $116.9million in the previous quarter. The company's stock closed at$15.38 a share on Friday, up 63 cents. -- Brenda Sandburg

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