As per the agreement, which was originally signed on 11 July 2008, Nycomed is responsible for the development, manufacturing and commercialization of veltuzumab in the subcutaneous formulation to treat all non-cancer indications.
The agreement further allows Immunomedics to obtain up to $580m from Nycomed after achieving certain clinical, sales-based and regulatory milestones.
The agreement also provides Immunomedics with escalating double-digit royalties on net sales of veltuzumab.
Immunomedics Finance and Business Development senior vice president Gerard Gorman said Nycomed has made significant progress with veltuzumab’s development and we are pleased with their efforts.
"This milestone payment is in addition to the potential non-dilutive financing opportunities we are currently working on," Gorman said.