Micromet (MITI) and Sanofi (SNY) To Collaborate on BiTE Antibody

October 29, 2009 9:56 AM EDT

Micromet, Inc. (NASDAQ: MITI) and Sanofi-Aventis (NYSE: SNY) announced today a global collaboration and license agreement to develop a BiTE antibody against an antigen present at the surface of carcinoma cells. BiTE antibodies are novel therapeutic antibodies that activate a patient's T cells to seek out and destroy cancer cells.

Under the terms of the agreement, Sanofi-Aventis agreed to pay Micromet an upfront cash payment of 8 million euros (approx. US$ 12 million) following signing of the agreement. Micromet is eligible for development and regulatory milestone payments of up to 162 million euros (approx. US$ 241 million), plus performance-based sales milestones of up to 150 million euros (approx. US$ 224 million) and royalties on worldwide product sales.

Under this agreement, Micromet will be mainly responsible for the discovery, research and development of the BiTE antibody through the completion of phase 1 clinical trials under the supervision of a Joint Steering Committee. Sanofi-Aventis will then have the full responsibility for the further development, as well as for the worldwide commercialization of the BiTE antibody.

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