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Dec 19, 2006

Genmab and GSK Sign Deal Potentially Worth $2.1B

  • GlaxoSmithKline (GSK) and Genmab signed a worldwide agreement to co-develop and commercialize GenMab’s HuMax-CD20™ (ofatumumab). HuMax-CD20 is a fully human Mab in late-stage development for CD20 positive B-cell chronic lymphocytic leukemia and follicular non-Hodgkin's lymphoma and in Phase II for rheumatoid arthritis.

    If full commercialization is achieved in cancer and various autoimmune and inflammatory diseases, the total potential value of this agreement could exceed $2.1 billion, notes the companies. GSK will invest approximately $357 million to purchase 4,471,202 Genmab ordinary shares. Genmab will also receive a license fee of approximately $102 million. The companies also expect milestone payments totaling $ 1.6 billion and development, commercial manufacturing, and commercialization costs.

    Genmab will be responsible for development costs until 2008, including costs of the two ongoing late-stage oncology studies. After this, development costs will be shared equally between GSK and Genmab.

    GSK will receive an exclusive worldwide license to HuMax-CD20 and will be solely responsible for the manufacturing and commercialization of HuMax-CD20. Genmab will be entitled to receive tiered double-digit royalties on global sales of HuMax-CD20.

    GSK will also receive exclusive worldwide licenses any other antibodies with affinity for the CD20 antigen that Genmab may develop. The company will also have an exclusive option to a CD20 UniBody™ to be developed in collaboration with Genmab.



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