Medarex, Inc. will receive a milestone payment for an undisclosed amount from its licensing partner, Novo Nordisk A/S. The payment is a result of the submission of an IND by Novo Nordisk for the clinical development of an antibody generated by Medarex’s UltiMAb technology. Medarex may receive future milestone payments and royalties should the product candidate progress through clinical development and to the market.

“We are pleased with the milestone achieved by Novo Nordisk and look forward to continued development progress with this antibody,” said Howard H. Pien, president and chief executive officer of Medarex. “Product development advances of this type by Novo Nordisk and our other partners underpin the important role of our antibody technology in the development of new therapeutics.”