Medarex Gets Milestone Payment

Amgen advances a product in to clinical trials.
Author:
Publish date:

Drug developer

Medarex

(MEDX)

is set to receive a milestone payment from a program in which biotech giant

Amgen

(AMGN) - Get Report

advanced a product in to clinical trials.

The amount of the payment wasn't disclosed, but Medarex says it may receive additional milestone payments and royalties as the Amgen product, an antibody, progresses through studies.

This is the fourth antibody Amgen has developed using Medarex technology. The technology is intended for use in developing fully human antibodies.

Fully human antibodies don't contain animal components, as some other antibodies do. Clinical trials have found that fully human antibodies are less likely to cause allergic reactions.

"We are pleased with the development progress that Amgen, a leader in the biotechnology industry, continues to make with our fully human antibody technology," said Irwin Lerner, chairman, interim president and CEO of Medarex. "We believe that Amgen's proven product development experience has been key to their advancing the four UltiMAb antibodies into clinical trials."