Platforms, Payments, Pathways And Pfizer: Business News In Brief
Micromet continues spate of good news with option payment from Bayer Schering: Bayer Schering has exercised its one-year option on a preclinical antibody for solid tumors, which will bring Micromet a $7.5 million payment in January. Bayer purchased an option to license the antibody last January (1Elsevier's Strategic Transactions Database, January 2009) and the move initiates a formal collaboration. Micromet discovered the antibody using its BiTE (Bispecific T-cell Engager) technology. Under the deal, Micromet will complete preclinical development and the companies will collaborate on a Phase I program, with Bayer reimbursing Micromet for R&D costs. Bayer assumes full development and commercialization should the antibody enter Phase II, with Micromet eligible to earn up to $426 million in milestones plus up to double-digit royalties on net sales. The agreement follows an October transaction with Sanofi-Aventis in which Micromet received $12 million upfront for a collaboration on BiTE antibodies in an undisclosed cancer indication (2"The Pink Sheet" DAILY, Oct. 29, 2009). Last summer, Micromet also netted $75 million in a follow-on public offering
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