Genmab Achieves $3 Mln Milestone Payment In DuoBody Collaboration With Janssen

(RTTNews) - Genmab A/S (GMXAY.PK) said that it has achieved a milestone in its DuoBody technology platform collaboration with Janssen Biotech Inc., triggering a $3 million milestone payment. The milestone payment is for pre-clinical progress with a DuoBody product candidate targeting cancer.

Janssen has optioned 11 programs out of a total of 20 programs under the bispecific DuoBody platform collaboration with Genmab. Including the collaboration with Janssen, Genmab has five commercial partnerships for its DuoBody technology.

Genmab stated that the Milestone Payment will not impact its 2015 financial guidance.

Under the original July 2012 agreement, Janssen has the right to use the DuoBody technology to create panels of bispecific antibodies (up to 10 DuoBody programs) to multiple disease target combinations. Genmab received an upfront payment of $3.5 million from Janssen and will potentially be entitled to milestone and license payments of up to approximately $175 million, as well as royalties for each commercialized DuoBody product.

Under the terms of a December 2013 amendment, Janssen is entitled to work on up to ten additional programs. Genmab received an initial payment of $2 million from Janssen. For each of the ten additional programs that Janssen successfully initiates, develops and commercializes, Genmab will potentially be entitled to receive average milestone and license payments of approximately $191 million. In addition, Genmab will be entitled to royalties on sales of any commercialized products.