Genmab, GlaxoSmithKline deal
GSK received global exclusive rights to co-develop and commercialize GEN's ofatumumab ( HuMax-CD20). GSK will pay a DKK582 million ($102 million) license fee and will invest DKK2 billion ($357 million) in GEN through the purchase of 4.5 million shares, giving GSK about 10% ownership of the biotech. GEN is eligible for DKK9 billion ($1.6 billion) in milestones, plus tiered double-digit royalties. GEN is responsible for development costs until 2008, after which the partners will split the costs. GSK is responsible for manufacturing and commercialization.
The human antibody against CD20 is in Phase III trials to treat B cell chronic lymphocytic leukemia (B CLL) that is refractory to Rituxan rituximab and to treat non-Hodgkin's lymphoma (NHL); GEN expects data from both Phase III trials in 2H07. It also is in Phase II testing for rheumatoid arthritis (RA) and as a first-line treatment for CLL in combination with chemotherapy. GSK also gets an exclusive worldwide license to other CD20 antibodies developed by GEN and an exclusive option to co-develop CD20 UniBody with GEN. Ofatumumab has Fast Track designation for B CLL. ...