- Third pre-clinical milestone met in Lundbeck collaboration
- [Eur]1 million milestone payment to Genmab
COPENHAGEN, Denmark, Dec. 13, 2012 (GLOBE NEWSWIRE) -- Genmab A/S (Copenhagen:GEN) announced today it had reached the third pre-clinical milestone in the collaboration with H. Lundbeck A/S, triggering a [Eur]1 million payment (approximately DKK 7.5 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.
"We continue to make solid progress in our collaboration with Lundbeck, having now reached the in vitro proof of concept milestone for the third target in the program," 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). 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), plus single-digit royalties.
Today's news will not have a material impact on Genmab's 2012 financial guidance.
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
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Company Announcement no. 38
CVR no. 2102 3884
1260 Copenhagen K