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Genmab — Capital/Financing Update 2011
Dec 15, 2011
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Download source file- First pre-clinical milestone met in Lundbeck collaboration
- €1 million milestone payment to Genmab
Copenhagen, Denmark; December 15, 2011 – Genmab A/S (OMX: GEN) announced today
it had reached the first pre-clinical milestone in the collaboration with H.
Lundbeck A/S, triggering a €1 million payment.
Genmab has reached the first milestone in the collaboration with H. Lundbeck
A/S to create and develop human antibody therapeutics for disorders of the
central nervous system (CNS). The milestone triggers a payment of €1 million to
Genmab. Under the collaboration with Lundbeck Genmab creates novel human
antibodies to three targets identified by Lundbeck and Lundbeck has access to
Genmab’s antibody creation and development capabilities, including its state of
the art, fully automated pre-clinical antibody screening and characterization
capabilities and its proprietary stabilized IgG4 and UniBody therapeutic
antibody platforms.
Under the terms of the agreement, Genmab received an upfront payment of €7.5
million in October 2010 (approximately DKK 56 million). Lundbeck fully funds
the development of the antibodies. If all milestones in the agreement are
achieved, the total value of the agreement to Genmab would be approximately €38
million (approximately DKK 283 million), plus single-digit royalties.
“We are delighted to have met the first proof of concept in vitro milestone in
the Lundbeck partnership, a collaboration which is progressing extremely well
as shown by the fact that we met this milestone ahead of time,” said Jan van de
Winkel, Ph.D., Chief Executive Officer of Genmab.
Today’s news will not have an impact on Genmab’s 2011 financial guidance.
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’s first marketed
antibody, Arzerra® (ofatumumab), was approved to treat chronic lymphocytic
leukemia that is refractory to fludarabine and alemtuzumab after less than
eight years in development. Genmab’s validated and next generation antibody
technologies are expected to provide a steady stream of future product
candidates. Partnering of 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.
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations &
Communication
T: +45 33 44 77 20; M: +45 25 12 62 60; E: [email protected]
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®; the Y-shaped Genmab logo®; HuMax®; HuMax-CD20®; HuMax®-EGFr;
HuMax®-IL8; HuMax®-TAC; HuMax®-CD38; HuMax®-TF; HuMax®-Her2; HuMax®-cMet,
HuMax®-CD74, DuoBody™ and UniBody® are all trademarks of Genmab A/S. Arzerra®
is a trademark of GlaxoSmithKline.
Company Announcement no. 36
CVR no. 2102 3884
Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark