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news.Medarex, a biopharmaceutical company, has received a milestone payment for an undisclosed amount from its licensing partner, Pfizer.
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This payment is a result of the submission of an investigational new drug application by Pfizer for the clinical development of an antibody generated by Medarex’s UltiMAb technology.
Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market.
Howard Pien, president and CEO of Medarex, said: “We are pleased with the progress that Pfizer has made in advancing this antibody, generated using our UltiMAb technology, towards the clinic.
“The continued development progress by Pfizer and our other partners reinforces the potential of products generated using our UltiMAb antibody technology to treat life-threatening diseases.”