PRINCETON, N.J. and ABBOTT PARK, Ill., Jan. 20 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) and Abbott Laboratories (NYSE: ABT - News) today announced a multi-year collaboration for the research and development of fully human therapeutic antibodies for their potential use in a variety of therapeutic categories. Medarex plans to use its UltiMAb Human Antibody Development System(SM) to generate antibodies to disease targets provided by Abbott.
Under the terms of the agreement, Abbott intends to develop and commercialize fully human antibody products for the treatment of diseases within one or more of Abbott's areas of therapeutic focus, including immunology, oncology, neuroscience, metabolics and infectious disease. Under the agreement Medarex could receive license fees and milestone payments as well as royalties on commercial sales of products that may result from this agreement.
"This agreement with Medarex represents a significant milestone in our continuing progress toward building the world's premier antibody platform within Abbott," commented Alejandro Aruffo, Ph.D., Divisional Vice President, Pharmaceutical Discovery, Abbott Laboratories and President, Abbott Bioresearch Center.
"We are pleased that Abbott, a leader in the healthcare industry, recognizes the potential of our UltiMAb technology. Likewise, we are excited about the important role that our fully human antibodies could play in Abbott's product development pipeline," said Dr. Donald L. Drakeman, President and CEO of Medarex.
About Abbott Laboratories (The following information has been provided by Abbott Laboratories for inclusion herein.) Abbott offers partners an unparalleled set of capabilities to optimize the value of antibody targets. These include Abbott Bioresearch Center's unique technology platform comprising both proprietary and licensed technologies, a ten-year track record pioneering the discovery and development of fully human antibody therapeutics, and a state-of-the-art facility for the manufacture of protein therapeutics... |
