Genmab Reaches Fourth Milestone in Lundbeck Collaboration
Genmab A/S announced today it had reached an in vivo pre-clinical milestone in the collaboration with H. Lundbeck A/S, triggering a [Eur]1.5 million payment (approximately DKK 11 million). Under the collaboration with Lundbeck, Genmab creates novel human antibodies to three central nervous system (CNS) targets identified by Lundbeck and Lundbeck has access to Genmab's antibody creation and development capabilities.
"This is the first in vivo milestone we've reached in our agreement with Lundbeck and we remain pleased with the progress in the collaboration so far," said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab.
Under the terms of the collaboration, Genmab received an upfront payment of [Eur]7.5 million in October 2010 (approximately DKK 56 million at the agreement date). Lundbeck fully funds the development of the antibodies. If all milestones in the agreement are achieved, the total value of the agreement to Genmab would be approximately [Eur]38 million (approximately DKK 283 million at the agreement date), plus single-digit royalties.
This milestone was not specifically included in our outlook for 2013; therefore the achievement of this milestone will now put the revenue at the top end of the guidance range.