Medarex to get Novo Nordisk milestone
USA-based Medarex says that it will receive a milestone payment for an undisclosed amount from its licensing partner, Novo Nordisk A/S. This payment is a result of the submission of an Investigational New Drug application by the Danish firm for the clinical development of an antibody generated by Medarex' UltiMAb technology. Medarex may receive future milestones and royalties should this product candidate progress through clinical development and to the market.
Howard Pien, chief executive of Medarex, said: "product development advances of this type by Novo Nordisk and our other partners underpin the important role of our antibody technology in the development of new therapeutics."
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