Adimab, Celgene, Innovent Biologics deal

Adimab announced two separate discovery deals for its yeast-based antibody discovery technology in the week ending Aug. 23. Adimab will use the technology to identify human antibodies against an undisclosed target selected by Innovent. Innovent will compensate Adimab for the discovery and optimization of lead compounds. Innovent also will lead the development and will retain commercialization rights to the compounds in China. Adimab will reimburse Innovent for undisclosed development costs and will retain commercialization rights in the U.S., Europe and Japan. Adimab said it plans to spin off its rights to the antibodies along with other undisclosed programs into a separate company within a year. Adimab declined to disclose which other programs would be involved but said they are around "highly validated targets with no approved drugs." Innovent could not be reached for details.

Adimab also will use its discovery technology to identify human antibodies against four undisclosed targets selected by Celgene, which has the option for each target to exclusively license antibodies generated under the deal. Adimab will receive an undisclosed upfront payment. If Celgene exercises its options, Adimab will receive undisclosed license fees and be eligible for milestones, plus royalties. ...