Bayer pays Micromet $6M for option on Ab
Micromet, a US biopharmaceutical company focused on cancer, has signed an option, collaboration and license agreement with Bayer Schering Pharma AG granting the German drug major the exclusive option to obtain a license to one of its preclinical BiTE antibodies against an undisclosed oncology target.
Under the terms of the deal, Bayer will pay Micromet 4.5 million euros ($6.0 million) to secure a one-year option on a specific BiTE antibody, which Bayer may license prior to January 5, 2010, through the additional payment of an exercise fee.
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