Novo Nordisk/BioInvent target identification, validation deal

Denmark's Novo Nordisk A/S and BioInvent International AB of Sweden, aprivately-held biotechnology firm, have signed an agreement covering the development of antibodies for use in drug discovery research.

Under the deal, BioInvent will isolate and provide human antibody-based research reagents from its proprietary phage display library, n-CoDeR, which Novo Nordisk will use in its target identification and validation research program. BioInvent will then generate antibody fragments against the targets, and use its antibody technology platform to aid Novo Nordisk's target identification work. BioInvent will receive revenues and potential milestone payments under the agreement, the initial term of which is expected to last 12 months.

BioInvent has also said, at its March 19 annual general meeting, that it will issue up to 4.5 million new shares to finance future development of its technology platforms and products, increase its institutional and international ownership and secure its financial position before, or in conjunction with, any future investment or acquisition of technology. The issue, which will correspond to around 20% of its share capital, will include no preferential rights for current shareholders.