In the alliance, Medarex intends to use its UltiMab technology to create antibodies to targets provided by Euroscreen.
Under the terms of the agreement, Euroscreen has granted Medarex exclusive rights to develop and commercialize antibody products against two undisclosed targets. Euroscreen will receive an upfront payment and may receive milestone payments and royalties on any future sales of products developed and commercialized by Medarex.
Medarex and Euroscreen reserve the right to collaborate on certain preclinical activities in support of the development of such products.
Financial details of the agreement were not disclosed.
“We look forward to working with the targets provided by Euroscreen and combining them with our UltiMab technology for the potential development of novel antibody products,” said Donald Drakeman, president and CEO of Medarex.