PanGenetics and S-P sign $50M deal

Utrecht, the Netherlands-based PanGenetics BV has concluded a licensing agreement with Schering-Plough. Under the terms of the deal, the US drug major has granted PanGenetics exclusive rights to an undisclosed therapeutic antibody from its preclinical portfolio.

The Dutch drug development firm will assume responsibility for the Investigational New Drug application will carry out initial clinical safety and efficacy evaluations. After a successful proof-of-concept clinical study, S-P has the option to either assume exclusive responsibility for further development of the antibody or enter into a co-development arrangement with PanGenetics.

Both options will be subject to pre-defined commercial terms with a total potential value for PanGenetics in excess of $50.0 million in upfront and milestones payments. In addition, the US firm has granted PanGenetics an option to license a second antibody from its portfolio. As part of the deal, S-P has taken an undisclosed stake in PanGenetics.