The agreement allows Amgen to develop and commercialize BiTE antibodies against two of the undisclosed targets which will be selected by Amgen.
Amgen will be responsible to develop, manufacture and commercialize any products resulting from the collaboration.
However, Micromet will take care of the discovery and pre-clinical development of the BiTE antibodies.
As per the terms of the agreement, Micromet is eligible to receive around EUR10m from Amgen.
If milestones in multiple indications and tumor types are achieved, Micromet is eligible to get up to EUR342m in clinical and commercial milestone payments.
Additionally, Amgen will also pay double digit royalties on worldwide net sales to Micromet.
Under the second BiTE program, Amgen is responsible to pay an additional cash payment on commencing the program, milestones, development funding, royalties to Micromet.
Amgen will pay around EUR695m to Micromet for both programs, excluding reimbursement of research and development costs.