- Antibodies targeting DR5 (TRAIL-R2) and related patents purchased from iDD Biotech
- Genmab pays upfront of EUR 2.5 million
Copenhagen, Denmark, March 18, 2015 (GLOBE NEWSWIRE) -- Genmab A/S (Copenhagen:GEN), today announced that its subsidiary Genmab Holding B.V. entered into an agreement to purchase antibodies and related patents and know-how from iDD Biotech SAS. The pre-clinical stage antibodies are directed to DR5, also known as Trail Receptor 2 (TRAIL-R2), an emerging cancer target. Under the terms of the agreement, Genmab will pay iDD Biotech an upfront fee of EUR 2.5 million. Future payments range from a minimum of EUR 3.5 million to potentially EUR 101.5 million in development and sales milestones and single-digit royalties on commercialized products. This acquisition of antibody assets is synergistic with Genmab's strategy to create a broad pipeline of differentiated therapeutic products and to leverage its deep antibody expertise to create leapfrog drugs, as it builds a sustainable business.
"We are pleased to add this exciting target and these unique DR5 antibodies to our expanding list of pre-clinical assets. This move provides Genmab with another opportunity to create potential next-generation antibody drugs which could lead to new ways of treating cancer," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Today's agreement does not impact Genmab's 2015 financial guidance.
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 currently has one marketed antibody, Arzerra(r) (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications and daratumumab in clinical development for multiple myeloma and non-Hodgkin's lymphoma, in addition to other clinical programs, and an innovative pre-clinical pipeline. Genmab's technology base consists of validated and proprietary next generation antibody technologies - the DuoBody(r) platform for generation of bispecific antibodies, and the HexaBody(tm) platform which creates effector function enhanced antibodies. Genmab's deep antibody expertise is expected to provide a stream of future product candidates. Partnering of selected 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); Genmab in combination with the Y-shaped Genmab logo(tm); the DuoBody logo(tm); the HexaBody logo(tm); HuMax(r); HuMax-CD20(r); DuoBody(r); HexaBody(tm) and UniBody(r). Arzerra(r) is a registered trademark of the GSK group of companies.
Company Announcement no. 12
CVR no. 2102 3884
1260 Copenhagen K