Amgen & Micromet Ink Pact for Tumor Antibodies

Under the terms of the agreement, Micromet will be primarily responsible for the discovery and preclinical development of the BiTE antibodies. Amgen will lead the clinical development, manufacturing, and commercialization of any products resulting from the collaboration.

Amgen and Micromet entered a deal under which Micromet will work to discover antibodies against three undisclosed tumor targets from Amgen.

Micromet will leverage its BiTE technology, and Amgen will have the right to pursue development and commercialization of compounds for up to two of these targets.

Amgen is expected to pay €10 million upon deal execution. If milestones in multiple indications and tumor types are achieved, Micromet is eligible to receive up to €342 million in clinical and commercial milestone payments. Micromet could also earn up to double-digit royalties on worldwide net sales.

For the second BiTE program, Micromet is eligible to receive an a