Amgen increased its activity in cancer drug development by reaching a deal with MicroMet, valued at up to $1B, to develop drugs for up to two solid cancer targets. The upfront for the deal is $14.1 million with the rest based on performance milestones and commercial royalties.
Amgen will gain access to Micromet's BITE antibodies which are designed to recruit the patient's own soldier T cells to attack tumors. Micromet has cut previous deals with other Big Pharma, including Bayer, Boehringer Ingelheim and Sanofi. See Fierce Biotech.
Posted by Bruce Lehr July 12th 2011.
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