Genmab to Receive Milestone Payment in DuoBody Platform Collaboration with Janssen
July 14 2014 - 9:59AM
Genmab A/S (OMX:GEN) announced today it has reached a
milestone in its DuoBody technology platform collaboration with
Janssen Biotech, Inc. ("Janssen"), triggering a $3 million
milestone payment. The milestone payment is for
pre-clinical progress with a DuoBody product candidate targeting
two inflammatory mediators, proteins which play a key role in major
autoimmune diseases.
"This is another milestone from our productive DuoBody platform
collaboration with Janssen. This reflects rapid and robust progress
in the development of potential products using our state-of-the art
bispecific antibody technology," said Jan van de Winkel, Ph.D.,
Chief Executive Officer of Genmab.
Today's news will not impact Genmab's 2014 financial
guidance.
About the DuoBody Technology Collaboration with
Janssen Under the original 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 with Genmab research funded by Janssen. Genmab
received an upfront payment of $3.5 million (approx. DKK 21 million
on the date of the agreement) from Janssen in July 2012 and will
potentially be entitled to milestone and license payments of up to
approximately $175 million (approx. DKK 1,062 million on the date
of the agreement), 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 (approximately DKK 11 million on
the date of the amendment) from Janssen. For each of the ten
additional programs that Janssen successfully initiates, develops
and commercializes, Genmab will potentially be entitled to
milestone and license payments of up to approximately $174 million
(DKK 956 million on the date of the amendment) to $219 million (DKK
1.2 billion on the date of the amendment), depending on the date
each program is initiated. In the most favorable scenario in
which all ten additional programs are successfully initiated,
developed and commercialized, Genmab would receive average
milestone and license payments of approximately $191 million (DKK
1.0 billion on the date of the amendment) for each of the ten
programs. In addition, Genmab will be entitled to royalties on
sales of any commercialized products.
About the DuoBody Platform The DuoBody platform
is an innovative platform for the discovery and development of
bispecific antibodies that may improve antibody therapy of cancer,
autoimmune, infectious and central nervous system disease.
Bispecific antibodies bind to two different epitopes either on the
same, or on different targets (also known as dual-targeting) which
may improve the antibodies' specificity and efficacy in
inactivating the disease targets. DuoBody molecules are unique in
combining the benefits of bispecificity with the strengths of
conventional antibodies which allows DuoBody molecules to be
administered and dosed as other antibody therapeutics. Genmab's
DuoBody platform generates bispecific antibodies via a fast and
broadly applicable process which is easily performed at standard
bench, as well as commercial, manufacturing scale.
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
currently has one marketed antibody, Arzerra(r) (ofatumumab) for
the treatment of certain chronic lymphocytic leukemia indications,
a clinical pipeline with both late and early stage 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.
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. 35 CVR no. 2102 3884
Genmab A/S Bredgade 34E 1260 Copenhagen K Denmark
CONTACT: Rachel Curtis Gravesen
Senior Vice President
Investor Relations & Communications
T: +45 33 44 77 20
M: +45 25 12 62 60
E: r.gravesen@genmab.com