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
Date of Report (Date of earliest event reported) June 28, 1999
ENZON, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12957 22-2372868
(State or other jurisdiction (Commission (IRS Employer
or incorporation) File Number) Identification)
20 Kingsbridge Road, Piscataway, New Jersey 08854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 980-4500
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(Former name or former address, if changed since last report)
Item 5. Other Events
Enzon, Inc. ("Enzon") and Schering-Plough Corporation ("Schering-Plough")
revised their 1990 PEG-INTRON licensing agreement, which entitled Enzon to
royalties for product sales and specific milestone payments. The revised
agreement calls for Schering-Plough to pay Enzon royalties on sales at a higher
effective rate than provided for in the original agreement in exchange for the
return to Schering-Plough of Enzon's exclusive U.S. manufacturing rights for the
product.
Additionally, the revised agreement grants to Schering-Plough a
non-exclusive worldwide license, with a limited right to sublicense, under
Enzon's patents covering another form of PEG called "Branched PEG," which uses a
different proprietary PEG technology than PEG-INTRON. The patent Enzon licensed
to Schering-Plough is the subject of a patent infringement suit brought by Enzon
against Shearwater Polymers, Inc. earlier this year.
PEG-INTRON is a modified form of Schering-Plough's INTRON A (interferon
alfa-2b, recombinant) that was developed using Enzon's PEG technology to have
longer-acting properties. Schering-Plough is continuing its development of
PEG-INTRON as a monotherapy for the treatment of hepatitis C, which is in Phase
III clinical trials that began in July 1997. PEG-INTRON is also in Phase III
clinical trials as combination therapy with REBETOL (ribavirin, USP) for
hepatitis C. In addition, PEG-INTRON is in Phase III clinical trials for two
cancer indications, malignant
melanoma and chronic myelogenous leukemia (CML), as well as in early stage
trials for various solid tumors.
Certain information included in this report contains forward looking
statements made pursuant to the Private Securities Litigation Reform Act of
1995. Such statements are based on assumptions that Enzon believes are
reasonable, but are subject to a wide range of risks and uncertainties and,
therefore, there can be no assurance that actual results may not differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially, including but not
limited to, risks in obtaining and maintaining regulatory approval for expanded
indications, market acceptance of and continuing demand for Enzon's products,
the impact of competitive products and pricing and other factors which are
described in Enzon's SEC filings, including Enzon's Report on Form 10-K dated
June 30, 1998, and Reports on Form 10-Q dated September 30, 1998, December 31,
1998, and March 31, 1999, incorporated herein by reference.
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.
Dated: July 13, 1999
ENZON, INC.
(Registrant)
By: /s/ KENNETH J. ZUERBLIS
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Kenneth J. Zuerblis
Vice President, Finance
and Chief Financial Officer