Micromet Enters Into Agreement for Solid Tumor BiTE Antibody with Bayer Schering Pharma AG
Monday January 12, 8:00 am ET
BETHESDA, Md., Jan. 12 /PRNewswire-FirstCall/ -- Micromet, Inc. (Nasdaq: MITI - News), a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases today announced the signing of an option, collaboration and license agreement with Bayer Schering Pharma AG, Germany, under which Bayer Schering Pharma has the exclusive option to obtain a license to one of Micromet's preclinical BiTE antibodies against an undisclosed oncology target.
Under the terms of the agreement, Bayer Schering Pharma will pay Micromet a Euro 4.5 million fee (approx. US$ 6 million) to secure a one year option on a specific BiTE antibody. Bayer Schering Pharma may exercise this option prior to January 5, 2010 through the additional payment of an option exercise fee.
The exercise of the option would trigger a formal collaboration between Micromet and Bayer Schering Pharma on the development of the BiTE antibody through the completion of phase 1 clinical trials, at which point Bayer Schering Pharma would assume full control of the further development and commercialization of the BiTE antibody. Micromet would be eligible for an option exercise fee and milestone payments of up to Euro 290 million (approx. US$ 390 million) in total and up to double digit royalties based on tiered net sales of the product. In addition, Micromet would be reimbursed for its R&D expenses incurred in connection with the development of the BiTE antibody in the collaboration with Bayer Schering Pharma.
"We are very pleased with Bayer Schering Pharma's interest in this preclinical BiTE antibody program and their financial commitment to secure exclusive access for the next 12 months. This deal represents further validation of our BiTE antibody technology by a major oncology company," said Christian Itin, Micromet's Chief Executive Officer.
"Oncology is one of our core growth areas and biologicals are a key focus of our strategy. We are excited about Micromet's BiTE antibody technology and believe BiTE antibodies represent a novel and promising approach to cancer therapy," said Prof. Andreas Busch, Member of the Board of Management of Bayer Schering Pharma AG responsible for Global Drug Discovery. |
