Immunomedics and UCB Announce Worldwide Development Collaboration and License Agreement for Epratuzumab
Wednesday May 10, 2:00 am ET
- Immunomedics will receive initial payments totaling 38 million
U.S. dollars -
MORRIS PLAINS, N.J. and BRUSSELS, Belgium, May 10 /PRNewswire-FirstCall/ -- Immunomedics, Inc. (Nasdaq: IMMU - News), a biopharmaceutical company focused on developing therapeutic monoclonal antibodies, and UCB (Euronext Brussels: UCB), a leading global biopharmaceutical company, today announced a collaboration and license agreement for Immunomedics' lead product, epratuzumab. The agreement grants UCB the exclusive worldwide rights to develop, market and sell epratuzumab for all autoimmune disease indications. Epratuzumab's most advanced program is for the treatment of Systemic Lupus Erythematosus (SLE): it has been granted FDA Fast Track designation and is currently undergoing two phase III clinical trials.
Immunomedics will receive initial cash payments totaling, before fees, 38 million U.S. dollars over the next ten business days and could receive potential milestone payments of up to 145 million U.S. dollars in cash and 20 million U.S. dollars in equity investments, depending on geography approval and approval in different indications over several years. In addition to receiving royalties on sales, Immunomedics could also receive sales bonuses upon reaching certain sales target levels. |
