Earlier this week PricewaterhouseCoopers published an analysis of biotech dealmaking that showed the market was slowing down and predicted it would stay that way for the rest of 2013. Don't tell that to Adimab The company announced two more smaller deals for its antibody discovery platform on top of two large deals last month with Novartis and Biogen Idec. This time Celgene and Innovent Biologics (China) have signed up to use the technology. See Xconomy.
Celgene will turn over “multiple” biological targets for Adimab to discover antibodies against. It will also receive an option to license those antibodies from Adimab. Adimab stands to receive an unspecified up front payment, and then will get more cash down the road from milestones as those antibodies make their way through clinical development. Adimab will also get a percentage royalty should any of those antibodies become commercial drugs.
Adimab’s deal with Innovent is different. The deal involves one specific target that Adimab will find an antibody toward. Innovent will then develop the antibody and Adimab would reimburse the Chinese company for some of those costs. Adimab also will retain the rights to commercialize the antibody in the U.S., Europe, and Japan. Innovent would keep the rights to sell the drug in China, with Adimab getting a percentage of the associated royalties in that territory.
Both deals go to further boost Adimab's newly cash flow positive position as a result of the two big deals announced last month. If you have something of value, deals are still in the offing.
Posted by Bruce Lehr Aug 20th 2013.