Medarex to receive milestone payment from Novo Nordisk

This payment is a result of the submission of an investigational new drug application by Novo Nordisk 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 milestone achieved by Novo Nordisk and look forward to continued development progress with this antibody. Product development advances of this type by Novo Nordisk and our other partners underpin the important role of our antibody technology in the development of new therapeutics.”