ImClone Systems intends to use the UltiMAb system to develop human antibody product candidates against its disease targets, which are primarily in the area of oncology.
Under the terms of the agreement, Medarex will receive license fees as well as milestone payments relating to the development of any products that result from ImClone Systems’ use of the UltiMAb system. Medarex will also receive royalties on commercial sales of products resulting from this agreement. Financial terms of the agreement were not disclosed.
“We are pleased that ImClone Systems plans to combine our UltiMAb technology with their experience in the development of antibody therapeutics,” said Donald Drakeman, president and CEO of Medarex.