Medarex To Receive Amgen Milestone

Medarex, Inc. expects to receive an undisclosed milestone payment from its licensing partner, Amgen Inc., for the advancement of an antibody into clinical trials. The antibody was developed using Medarex’s UltiMAb technology and is the fourth UltiMAb-derived antibody in clinical development by Amgen. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market.

“We are pleased with the development progress that Amgen continues to make with our fully human antibody technology,” said Irwin Lerner, chairman of the board of directors and interim president and chief executive officer of Medarex. “We believe that Amgen’s proven product development experience has been key to their advancing the four UltiMAb antibodies into clinical trials.”