Medarex and Incyte Genomics Announce Partnership to Develop and Commercialize Fully Human Antibody Therapeutics Partnership Will Leverage Incyte's Industry Leading Commercial Portfolio of Patented Full-Length Genes, Proteins and Antibodies with Medarex's Human Antibody Technology Princeton, NJ and Palo Alto, CA; October 18, 2001 - Medarex, Inc. (Nasdaq: MEDX) and Incyte Genomics, Inc. (Nasdaq: INCY), the leading genomics information company, today announced a collaboration for the development of fully human antibody therapeutics. Under the terms of the agreement, Medarex and Incyte expect to share equally the cost and responsibility of preclinical and clinical development of antibody products. In addition, the two companies plan to jointly commercialize any antibody products resulting from this collaboration. Financial terms were not disclosed. Working from its comprehensive database of transcribed genes, Incyte has compiled the industry's largest commercial patent portfolio of full-length genes, with over 600 issued to date. In recent years, Incyte has been expanding its patent claims coverage to include the antibodies, proteins and probes that are encoded by each gene and gene transcript. Scientists at Incyte plan to select targets covered under this growing list of proteins and patented antibodies for this partnership. Medarex plans to utilize its proprietary UltiMAb Human Antibody Development SystemSM for the development of fully human monoclonal antibodies to the disease targets selected by Incyte from its proprietary database of targets. "Medarex's expertise in the creation and development of fully human antibodies combined with our scientific expertise will help us to begin to exploit our antibody intellectual property position," said Roy A. Whitfield, Chief Executive Officer of Incyte. "In addition, this partnership to develop and commercialize antibodies complements several of our recent announcements highlighting our strategy to create and capture value from downstream target validation and therapeutic development activities." "Incyte is a welcome addition to the list of esteemed companies with whom we work under our Applied Genomics strategy. Long recognized as a pioneering company in the genomics field with one of the most respected annotated gene and intellectual property portfolios in biotech, we expect the targets identified by Incyte to be catalysts in the development of promising candidates for new therapeutic antibodies," said Donald L. Drakeman, President and CEO of Medarex. Antibodies are proteins normally produced by the immune system that can be highly selective in fighting disease. There have been significant developments over the past decade through which scientists have experimentally generated monoclonal antibodies in the laboratory that affect selected disease targets. As a result, there are 10 antibody therapeutics on the market today that have accounted for more than $2 billion in sales to date spanning the clinical areas of oncology, rheumatoid arthritis, transplant rejection and infectious disease. About Incyte Genomics Incyte Genomics, Inc. has developed one of the leading integrated platforms of genomic technologies designed to aid in the understanding of the molecular basis of disease. Incyte develops and markets genomic databases and partnership programs, genomic data management software, microarray-based gene expression services, related reagents and services. These products, programs and services assist pharmaceutical and biotechnology researchers with all phases of drug discovery and development including gene discovery, understanding disease pathways, identifying new disease targets and the discovery and correlation of gene sequence variation to disease. In addition, Incyte has the largest portfolio of issued United States patents covering human full-length genes and the proteins they encode and is leveraging its intellectual property position to be a leader in therapeutic discoveries. For more information, visit Incyte's web site at www.incyte.com. About Medarex Medarex, Inc., is a biopharmaceutical company developing monoclonal antibody-based therapeutics to fight cancer and other life-threatening and debilitating diseases. Medarex has assembled a broad platform of patented technologies for antibody discovery and development, including the UltiMAb Human Antibody Development SystemSM for the creation of high-affinity, fully human antibodies; T-12 DevelopmentSM offering the potential to move from target to trial in approximately 12 months; and Trans-Phage TechnologySM combining high throughput screening with fully human antibody development. Medarex creates and develops fully human antibodies for itself and others, offering a full range of antibody related capabilities, including preclinical and clinical development supported by cGMP manufacturing services. For more information about Medarex, visit its website at www.medarex.com. For Medarex: Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "believes"; "anticipates"; "intends"; "plans"; "expects"; "estimates"; or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligations to update these forward-looking statements. Risks and uncertainties include risks associated with product discovery and development as well as risks detailed from time to time in Medarex's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and subsequent Quarterly Reports on Form 10-Q. There can be no assurance that such development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of Medarex's public disclosure filings are available from its investor relations department. For Incyte: Except for the historical information contained herein, the matters set forth in this press release including, without limitation, statements as to the potential success of the collaboration to advance the development of therapeutic antibody products and Incyte's role, through target identification, as a catalyst in such process, the ability of the collaboration to assist Incyte in its therapeutic discovery efforts, the revenue-generating impact that the collaboration will have for both companies, the ability of Incyte's products and services to enhance the research efforts of its customers and Incyte's ability to leverage its intellectual property position to become a leader in therapeutic discoveries are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the extent to which the collaboration succeeds in identifying and commercializing therapeutic antibodies; the ability of the collaboration to provide products and services that meet market needs and that beat other substantially similar products and services to market; the impact of competition and the ability of the collaboration to compete against competitors that may have greater financial and other resources; changes in the business plans of either company; Incyte's ability to obtain patent protection for its discoveries and to continue to be effective in expanding its patent coverage; and other risks detailed from time to time in Incyte's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2001. These forward-looking statements speak only as of the date hereof. Incyte disclaims any intent or obligation to update these forward-looking statements. Medarex®, the Medarex logo, UltiMAb™, UltiMAb Human Antibody Development SystemSM, T-12 DevelopmentSM and Trans-Phage TechnologySM are trademarks and service marks of Medarex, Inc. All rights are reserved.