Boehringer, Micromet Enter Antibody Pact

Boehringer Ingelheim and Micromet, Inc. have entered into a collaboration agreement for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.

Micromet will be responsible for discovery of the BiTE antibody and the two companies will jointly conduct further preclinical studies. BI will be responsible for all manufacturing activities, clinical development and worldwide commercialization subject to Micromet’s co-promotion right in the U.S. Micromet will be responsible for the costs to a pre-defined amount for its preclinical activities. Upon commercialization, Micromet will cover the costs for its sales force in the U.S. BI will cover all other costs for research, development, manufacturing and commercialization of the BiTE antibody.

Under the terms of the agreement, Micromet will receive an upfront cash payment of $5 million. Micromet is also eligible to receive development and regulatory milestone payments of as much as $66 million and royalties on product sales outside the U.S. In the U.S. the two companies will jointly promote the BiTE antibody.

“Multiple myeloma will be an indication of focus for Micromet and we are very pleased to collaborate with Boehringer Ingelheim, an industry leader with a proven track record of successful partnerships,” said Christian Itin, Ph.D., Micromet’s president and chief executive officer. “In line with the strategic importance of hemato-oncology for Micromet we have retained U.S. co-promotion rights for this product candidate consistent with our goal of building a commercial hematology franchise in the United States.”