AMGEN EXERCISES COMMERCIAL OPTION TO GENMAB’S HUMAX-IL15
[Some good news from Denmark. Even if Medarex don't have any direct interest in the molecule, the value of their equity stake should be boosted. And down the road they - if the development succeeds - will see improved results from the part of Genmab's profit they show on their own books].
Collaboration Expands to Include New Target
Summary: Genmab announced today that Amgen has exercised its commercialization options for both the HuMax-IL15 antibody program and the IL15 receptor program. In addition, Amgen has expanded its agreement with Genmab to include a new antibody program on an additional disease target.
Copenhagen, Denmark; July 1, 2003 – Genmab A/S (CSE: GEN) announced today that Amgen has exercised its commercialization options for both the HuMax-IL15 antibody program and the IL15 receptor program. In addition, Amgen has expanded its agreement with Genmab to include a new antibody program on an additional disease target.
Under the terms of the expanded and amended agreement, if products to all three targets are successfully commercialized and certain sales levels are achieved, Genmab will be entitled to receive up to USD135.5 Million in license fees and milestone payments. Genmab is also entitled to royalties on commercial sales instead of the profit sharing designated in the original agreement. In connection with the option exercise, Genmab received the first milestone payment of USD10 Million for products targeting the IL15 pathway. Amgen will be responsible for all future development costs for products targeting the IL15 pathway and Genmab will participate in the pre-clinical development of the new program.
“We are pleased that Amgen has exercised its commercialization option ahead of schedule, prior to the receipt of the Phase II data. Amgen obviously has considerable resources and expertise to apply to the ongoing development of HuMax-IL15.” said Lisa N. Drakeman, Ph.D., Chief Executive Officer of Genmab. “Furthermore, we believe the addition of a new program to the collaboration gives us the opportunity to expand our portfolio and revenue potential.”
“HuMax-IL15 is an interesting product with the potential to treat a variety of inflammation diseases,” said Roger M. Perlmutter, M.D., Ph.D., Executive Vice President, Research and Development of Amgen. “We are looking forward to continuing to work with Genmab in our expanded agreement.”
Genmab has been developing HuMax-IL15 for the treatment of inflammatory diseases. |
