23.05.2006 13:23:00

XOMA and Schering-Plough Establish Collaboration for Therapeutic Antibody Discovery and Development

XOMA Ltd. (Nasdaq:XOMA) today announced the formation ofa collaboration with Schering-Plough Corporation (NYSE:SGP), throughits research and development arm, Schering-Plough Research Institute(SPRI), for therapeutic monoclonal antibody discovery and development.The collaboration is intended to capitalize on XOMA's comprehensiveantibody discovery, development and production technologies andexpertise. Under the agreement, Schering-Plough will make up-front andmilestone payments to XOMA, fund XOMA's R&D activities related to theagreement, and pay royalties to XOMA on sales of products resultingfrom the collaboration. Additional financial terms were not disclosed.

Using its extensive collection of phage display libraries andoptimization technologies, XOMA will discover therapeutic antibodiesagainst one or more targets selected by SPRI. XOMA may also utilizeits proprietary Human Engineering(TM) technology to humanize antibodycandidates generated by hybridoma techniques. Other XOMA activitieswill include pre-clinical studies to support regulatory filings, cellline and process development, and production of antibodies for initialclinical trials.

"With our collective capabilities and expertise, we plan toaccelerate the discovery and development of therapeutic antibodiesthat meet or exceed key medical and commercial design objectives,"said John L. Castello, President, Chairman and Chief Executive Officerof XOMA. "We look forward to working together with Schering-Plough."

About XOMA

XOMA is a leader in the discovery, development and manufacture oftherapeutic antibodies, with a therapeutic focus that includes cancerand immune diseases.

The company has built a premier antibody discovery and developmentplatform that includes access to seven of the leading commerciallyavailable antibody phage display libraries and XOMA's proprietaryHuman Engineering(TM) and bacterial cell expression (BCE)technologies. More than 45 companies have signed BCE licenses. As aleader in therapeutic antibodies, XOMA has established a unique andcomprehensive collection of technologies for antibody discovery,optimization, development and production. With a fully integratedproduct development infrastructure, XOMA's product developmentcapabilities extend from preclinical sciences to product launch. Formore information, please visit the company's website at www.xoma.com.

Certain statements contained herein concerning product developmentor that otherwise relate to future periods are forward-lookingstatements within the meaning of Section 27A of the Securities Act of1933 and Section 21E of the Securities Exchange Act of 1934. Thesestatements are based on assumptions that may not prove accurate.Actual results could differ materially from those anticipated due tocertain risks inherent in the biotechnology industry and for companiesengaged in the development of new products in a regulated market.These risks, including those related to the results of discoveryresearch and preclinical testing; the timing or results of pending andfuture clinical trials (including the design and progress of clinicaltrials; safety and efficacy of the products being tested; action,inaction or delay by the FDA, European or other regulators or theiradvisory bodies; and analysis or interpretation by, or submission to,these entities or others of scientific data); uncertainties regardingthe status of biotechnology patents; uncertainties as to the cost ofprotecting intellectual property; changes in the status of theexisting collaborative and licensing relationships; the ability ofcollaborators, licensees and other third parties to meet theirobligations; market demand for products; scale up and marketingcapabilities; competition; international operations; share pricevolatility; XOMA's financing needs and opportunities and risksassociated with XOMA's status as a Bermuda company, are described inmore detail in XOMA's most recent annual report on Form 10-K and inother SEC filings. Consider such risks carefully in considering XOMA'sprospects.

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