Genmab have announced an expansion of its collaboration with Janssen Biotech to create and develop bispecific antibodies using the DuoBody technology platform. The original agreement entitled Janssen to work on up to ten DuoBody programs. Under the terms of the amendment, Janssen is entitled to work on up to ten additional programs.
Genmab will receive an initial payment of $2 million (approximately DKK 11 million) from Janssen. For each of the ten additional programs that Janssen successfully initiates, develops and commercializes, Genmab will potentially be entitled to milestone and license payments of up to approximately $174 million (DKK 956 million) to $219 million (DKK 1.2 billion), depending on the date each program is initiated. In the most favorable scenario in which all ten additional programs are successfully initiated, developed and commercialized, Genmab would receive average milestone and license payments of approximately $191 million (DKK 1.0 billion) for each of the ten programs. In addition, Genmab will be entitled to royalties on sales of any commercialized products.
“Our DuoBody collaboration with Janssen has been very productive since we signed the initial agreement in July 2012. We are excited about the potential to work with Janssen on additional programs,” said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.