Micromet has entered into a collaboration agreement with Amgen for the research of BiTE antibodies against three undisclosed solid tumor targets. Amgen will have the right to pursue development and commercialization of two of these targets.
Amgen will pay $14 million up front, with clinical and commercial milestones in multiple indications and tumor types of as much as $475 million, in addition to royalties on sales. Micromet is eligible to receive an additional payment upon initiation of a second BiTE program, with milestones, royalties and development funding. Total potential payments to Micromet are approximately $973 million.
Amgen will be responsible for all costs associated with the research, development and commercialization. Micromet will be responsible for the discovery and preclinical development of the BiTE antibodies. Amgen will lead the clinical development, manufacturing and commercialization of any products resulting from the collaboration.
“The BiTE antibody provides an innovative approach to cancer therapy,” said Roger M. Perlmutter, M.D., Ph.D., executive vice president of R&D at Amgen. “Amgen is pleased to collaborate with the Micromet scientific team to deploy this technology against targets for the treatment of solid tumors.”