Micromet scores multiple development deals

Micromet and Sanofi-aventis announced a global collaboration and license agreement to develop a BiTE antibody against a carcinoma cell antigen. Micromet will be responsible for the discovery, research, and development of the BiTE antibody through the completion of phase I clinical trials and under a joint steering committee’s supervision. Sanofi-aventis will have full responsibility for additional as well as worldwide commercialization of the BiTE antibody.

Sanofi-Aventis agreed to pay Micromet an upfront cash payment of approximately $12 million following signing of the agreement. Micromet is eligible for development and regulatory milestone payments of up to approximately $241 million plus performance-based sales milestones of up to approximately $224 million, and royalties on worldwide product sales.

In other Micromet news, the firm signed an agreement with MedImmune to buy out the rights to blinatumomab (MT-103) in North America and to terminate a 2003 collaboration agreement. As a result, Micromet will control global rights to develop and commercialize blinatumomab.

Finally, Bayer Schering Pharma AG has exercised its option under the option, collaboration, and license agreement with Micromet, to develop a new BiTE antibody for the treatment of solid tumors.

Micromet will be responsible for the preclinical development of the BiTE antibody and will collaborate with Bayer through the completion of phase I clinical trials. Bayer Schering Pharma will then assume full control of the further development and commercialization of the BiTE antibody.