Genmab has reached another milestone in its DuoBody technology platform biotech deals with Janssen Biotech and its affiliates, triggering a $1 million payment.
The milestone is for achieving technical proof-of-concept for the second DuoBody product candidate, as part of the previous biotech deals.
Under the biotech deals agreement, Janssen has the right to use the DuoBody technology to create panels of bispecific antibodies to multiple disease target combinations with Genmab research funded by Janssen.
Genmab received an upfront payment of $3.5 million from Janssen in July 2012 and will potentially be entitled to milestone and license payments of up to approximately $175 million, as well as royalties for each commercialized DuoBody product, as part of the biotech deals.
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