Medx keeping up the deal flow -
Nov. 6 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX - news) and Eli Lilly and Company (NYSE: LLY - news) announced today that Medarex has agreed to produce fully human antibodies for a number of Lilly disease targets. Lilly expects to pursue the development of these antibodies as therapeutic pharmaceutical products.
Under the agreement, Medarex will receive an immunization fee for each target against which it raises an antibody. In addition, Medarex expects to receive license fees, as well as payments if products arising under the agreement attain certain milestones and a royalty on sales of such products.
``Medarex's fully human antibody technology will benefit Lilly's expanding therapeutic antibody discovery program by accelerating the introduction of antibody candidates into clinical investigation for several important disease targets,'' said Thomas F. Bumol, Ph.D., executive director, research technologies and proteins, for Lilly.
``We are pleased to have the opportunity to work with Lilly, one of the world's leading pharmaceutical companies, in our 26th human antibody partnership. Through this agreement, we will link our human antibody technology and expertise with Lilly's broad-based research into disease targets,'' said Donald L. Drakeman, president and CEO of Medarex. |
