COPENHAGEN K, Denmark, Dec. 6, 2013 (GLOBE NEWSWIRE) -- Company Announcement
- Fourth pre-clinical milestone met in Lundbeck collaboration
- [Eur]1.5 million milestone payment to Genmab
Copenhagen, Denmark; December 6, 2013 - Genmab A/S (Copenhagen:GEN) announced today it had reached an in vivo pre-clinical milestone in the collaboration with H. Lundbeck A/S, triggering a [Eur]1.5 million payment (approximately DKK 11 million). Under the collaboration with Lundbeck, Genmab creates novel human antibodies to three central nervous system (CNS) targets identified by Lundbeck and Lundbeck has access to Genmab's antibody creation and development capabilities.
"This is the first in vivo milestone we've reached in our agreement with Lundbeck and we remain pleased with the progress in the collaboration so far," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Under the terms of the collaboration, Genmab received an upfront payment of [Eur]7.5 million in October 2010 (approximately DKK 56 million at the agreement date). Lundbeck fully funds the development of the antibodies. If all milestones in the agreement are achieved, the total value of the agreement to Genmab would be approximately [Eur]38 million (approximately DKK 283 million at the agreement date), plus single-digit royalties.
This milestone was not specifically included in our outlook for 2013; therefore the achievement of this milestone will now put the revenue at the top end of the guidance range.
About Genmab A/S
Genmab is a publicly traded, international biotechnology company specializing in the creation and development of differentiated human antibody therapeutics for the treatment of cancer. Founded in 1999, the company's first marketed antibody, ofatumumab (Arzerra(r)), was approved to treat chronic lymphocytic leukemia in patients who are refractory to fludarabine and alemtuzumab after less than eight years in development. Genmab's validated and next generation antibody technologies are expected to provide a steady stream of future product candidates. Partnering of innovative product candidates and technologies is a key focus of Genmab's strategy and the company has alliances with top tier pharmaceutical and biotechnology companies. For more information visit www.genmab.com.
Rachel Curtis Gravesen, Senior Vice President, Investor Relations & Communications
T: +45 33 44 77 20; M: +45 25 12 62 60; E: firstname.lastname@example.org
This Company Announcement contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with pre-clinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab's most recent financial reports, which are available on www.genmab.com . Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements in relation to actual results, unless required by law.
Genmab A/S and its subsidiaries own the following trademarks: Genmab(r); the Y-shaped Genmab logo(r); the DuoBody(tm) logo; HuMax(r); HuMax-CD20(r); DuoBody(r), HexaBodyTM and UniBody(r). Arzerra(r) is a trademark of GlaxoSmithKline.
Company Announcement no. 53
CVR no. 2102 3884
1260 Copenhagen K
Source: Genmab A/S