As reported in Xconomy and Fierce Biotech, Adimab just signed its 4th significant development deal with Big Pharma in the past year - this time with Novartis. The deal is for access to Adimab's "synthetic immune system" that speeds (< 3 months) the mAb selection process. This comes on the heels of similar deals with Merck & Co., Roche and Pfizer. On the strength of these deals, Adimab was cash flow positive in the most recently completed quarter - less than 3 years after start up, according to CEO Tillman Gerngross.
The Novartis deal allows the company to use Adimab technology for the discovery of two targets in the therapuetic area of its choosing. Novartis chose to go this route even though it has an up to $1 B deal in place for use of the Morphosys technology. Adimab believes this serves as an endorsement of the power of its technology.
COO, Erik Anderson predicts more deals with major partners for Adimab in 2010, and projects that the company will earn its first full year profit this year.
Posted by Bruce Lehr July 11th 2010.