Genmab can deposit 1m dollars in its account after the antibody company reached a milestone in the collaboration with pharmaceutical group Janssen.
The milestone pertains to a partnership on the Danish company’s DuoBody platform, and the milestone is for achieving technical proof-of-concept for the second DuoBody product candidate.
"Reaching technical proof-of-concept is a significant accomplishment in our DuoBody platform collaboration with Janssen which continues apace. So far, Janssen has activated five of the ten possible programs included in our agreement and we couldn't be more pleased with the rapid progress we're making," says Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab, in a press release.
The milestone payment will have no impact on the company’s 2013 financial guidance.
The DuoBody platform is an innovative platform for the discovery and development of bispecific antibodies that may improve antibody therapy of cancer, autoimmune, infectious and central nervous system disease.
In July 2012, Genmab received an up-front payment of 3.5m dollars from Janssen from the collaboration, and the company could be eligible for milestone and licensing payments of up to 175m dollars, plus royalties of each commercialized DuoBody product.
Genmab emerged from the first six moths of 2013 with an operating result that surpassed the same period a year before by DKK 93m (USD 16.7m). Consequently, the company boosted its expectations for both operating result and turnoverin its updated 2013 guidance.
“There is definitely potential for another positive adjustment during the year," CEO, Jan van de Winkel, told Medwatch earlier in the month.
- translated by Martin Havtorn Petersen
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