Medarex up on Pfizer antibody deal

On Monday, MEDX was up $1.01 (15%) to $7.84 on 10.5 million shares after it signed a 10-year deal with PFE covering the discovery and development of up to 50 antibody products. MEDX received $80 million in cash, and PFE also will purchase $30 million in MEDX stock at a premium to the market price.

Under the deal, MEDX will use its UltiMAb human antibody technology to create product candidates against undisclosed disease-associated targets from PFE. PFE is responsible for worldwide development and commercialization of resulting products. MEDX is eligible to receive research funding, license fees, milestones and royalties. If all 50 products obtain regulatory approval, milestones could exceed $400 million, MEDX said. ...