Bristol-Myers Squibb Company and Medarex Form Global Development and Commercialization Collaboration for MDX-010
Monday November 8, 6:01 am ET
PRINCETON, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company (NYSE: BMY - News) and Medarex, Inc. (Nasdaq: MEDX - News) announced today a worldwide collaboration to develop and commercialize MDX-010, a fully human antibody investigational product targeting the CTLA-4 receptor. MDX-010 was developed by Medarex using its UltiMAb Human Antibody Development System® and is currently in Phase III clinical development for the treatment of metastatic melanoma. There are more than 160,000 cases of melanoma diagnosed worldwide, and 40,000 annual deaths. The agreement is subject to receipt of various governmental clearances and approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
The collaboration also includes MDX-1379, an investigational gp100 peptide vaccine, which will be developed for potential use in combination with MDX-010 in melanoma. Bristol-Myers Squibb and Medarex have agreed to jointly continue to investigate the development of MDX-010 in additional tumor types. Bristol- Myers Squibb and Medarex will share in the costs of developing MDX-010 and MDX-1379 in the United States and Europe based on a pre-agreed percentage allocation. Bristol-Myers Squibb will be responsible for all development outside of these territories.
Medarex will receive an initial cash payment of $50 million, of which $25 million will be a purchase of Medarex's common stock by Bristol-Myers Squibb at a premium to the market price. Medarex could receive up to $205 million if all regulatory milestones are met, and up to $275 million in sales- related milestones. Medarex will have an option to co-promote and share profits with Bristol-Myers Squibb in the United States based on a pre-agreed percentage split. Bristol-Myers Squibb will receive an exclusive license ex-US and pay royalties to Medarex.
"Monoclonal antibodies are an increasingly important component of anti-cancer treatments," said Peter R. Dolan, chairman and chief executive officer, Bristol-Myers Squibb Company. "Bristol-Myers Squibb has been a leader in oncology for more than 40 years, and will continue to grow our global oncology business as part of our new corporate strategy. We look forward to our partnership with Medarex, a leader in antibody development, to develop and potentially commercialize MDX-010 in the hope that we might further extend and enhance the lives of cancer patients."
"We are enthusiastic about joining forces with Bristol-Myers Squibb, an outstanding company with a world-class oncology business," said Donald L. Drakeman, President and CEO of Medarex, Inc. "We are pleased with this opportunity to work together with such an impressive organization to potentially bring this important product to patients around the world." |
