S-P adds expands Xoma MAb R&D accord, triggers payment

US drugmaker Xoma says that drug major Schering-Plough has exercised its right to initiate additional discovery and development programs under their R&D accord for therapeutic antibody products. Xoma has received an undisclosed up-front payments for each of the additional collaboration programs and will receive research funding for each project, as well as success-based milestones and royalties on the sale of any products that result from the collaboration. "We have made significant progress on the first product program since its initiation with Schering-Plough in mid-2006," said Jack Castello, chief executive of Xoma. On the day S-P announced its plan to expand the deal, January 17, shares in Xoma rose 7.2% to $2.52.