Company News: Micromet Announces Global Collaboration with Boehringer Ingelheim for Multiple Myeloma BiTE Antibody and Reports First Quarter 2010 Financial Results
Micromet, Inc. (Nasdaq: MITI) and Boehringer Ingelheim announced today that they have entered into a collaboration agreement for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.
Despite recent advances in the treatment of multiple myeloma, the disease remains largely incurable. While the majority of patients initially respond to treatment, almost all of these patients will eventually relapse.
Micromet and Boehringer Ingelheim will collaborate on the development of the BiTE antibody. Micromet is responsible for discovery of the BiTE antibody and will jointly conduct with Boehringer Ingelheim further pre-clinical studies. Boehringer Ingelheim is responsible for all manufacturing activities, clinical development and worldwide commercialization subject to Micromet’s co-promotion right in the U.S. Micromet will bear the costs up to a pre-defined amount for its preclinical activities. During commercialization Micromet will solely bear the costs for its sales force in the U.S. All other costs for research, development, manufacturing and commercialization of the BiTE antibody will be borne by Boehringer Ingelheim.
Under the terms of the agreement Boehringer Ingelheim will pay Micromet an upfront cash payment of 5 million euro (approximately $6.6 million). Micromet is eligible to receive development and regulatory milestone payments of up to 50 million euro (approximately $66 million) and tiered low double-digit royalties on product sales outside the U.S. In the U.S. Micromet and Boehringer Ingelheim will jointly co-promote the BiTE antibody with commercial terms commensurate with a profit split.
Moreover, Micromet today reported its financial results for the first quarter ended March 31, 2010. For further details, please visit Micromet´s corporate website.