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news.Biopharmaceutical company Medarex has announced that it will receive a milestone payment for an undisclosed amount from its licensing partner, Amgen, for advancing an antibody into human clinical trials.
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The antibody was developed using Medarex’s UltiMAb technology and is the fifth UltiMAb-derived antibody in clinical development by Amgen, including two UltiMAb antibodies in Phase II clinical studies. 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: “As a leading biotechnology company, Amgen continues to use its product development expertise to move UltiMAb-derived antibodies into clinical development and potentially toward commercialization. We are pleased by the advancements made by Amgen with UltiMAb antibodies and look forward to their continued progress.”