Genmab in multi-dollar deal with Novo Nordisk for DuoBody technology
Shares of Denmark’s Genmab (OMX: GEN) rose nearly 3% to 643.00 Danish kroner in early afternoon trading after it announced a potential mega-million deal for its DuoBody technology, even though the agreement is not expected to have a material impact on Genmab’s 2015 financial guidance.
Biotech firm Genmab has entered an agreement to grant Danish diabetes care giant Novo Nordisk (NOV: N) commercial licenses to use the DuoBody technology platform to create and develop bispecific antibody candidates for two therapeutic programs. The bispecific antibodies will target a disease area outside of cancer therapeutics.
Under the terms of the agreement, Genmab will receive an upfront payment of $2 million from Novo Nordisk. After an initial period of exclusivity for the two target combinations, Novo Nordisk has an option to maintain exclusivity or take the licenses forward on a non-exclusive basis.
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