| Sanofi-aventis and US Biopharmaceutical ompany Micromet Sign Global Collaboration and License Agreem |
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29/10/2009 16:34 (22 Day 23:44 minutes ago) | |||||
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The FINANCIAL -- Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) and Micromet, Inc. (Nasdaq: MITI) announced on October 29 a global collaboration and license agreement to develop a BiTE antibody against an antigen present at the surface of carcinoma cells.
BiTE antibodies are novel therapeutic antibodies that activate patients’ T cells to seek out and destroy cancer cells.
Under this agreement, Micromet will be mainly responsible for the discovery, research and development of the BiTE antibody through the completion of phase 1 clinical trials under the supervision of a Joint Steering Committee. Sanofi-aventis will then have the full responsibility for the further development, as well as for the worldwide commercialization of the BiTE antibody.
“Micromet’s BiTE antibodies represent a promising new approach to treating cancer,” declared Marc Cluzel, Senior Vice-President R&D, sanofi-aventis. “We believe BiTE antibodies have the potential to significantly expand the treatment options that we can offer to cancer patients in the future.”
“We are very pleased to start a new BiTE antibody program with sanofi-aventis,” said Christian Itin, Micromet’s Chief Executive Officer. “As we continue to make progress in the clinical development of our BiTE antibodies for hematological cancers and solid tumors, this collaboration with sanofi-aventis further validates the BiTE antibody technology and creates the opportunity to expand the pipeline of BiTE antibodies for the treatment of solid tumors.”
Under the terms of the agreement, sanofi-aventis agreed to pay Micromet an upfront cash payment of 8 million euros following signature of the agreement. Micromet is eligible for development and regulatory milestone payments of up to 162 million euros, royalties on worldwide product sales and will receive additional performance-based sales milestones of up to 150 million euros.
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