In exchange for over $50M in potential payments, firm will develop therapeutic to clinical proof of concept.
Schering-Plough granted PanGenetics exclusive rights to an undisclosed therapeutic antibody from its preclinical portfolio. PanGenetics will thus assume responsibility for the preclinical program as well as the initial clinical safety and efficacy evaluation.
After a successful proof-of-concept clinical study, Schering-Plough has the option to either assume exclusive responsibility for further development of the antibody or enter into a co-development arrangement with PanGenetics.
Genetics could earn in excess of $50 million in upfront and milestones payments. In addition, Schering-Plough has granted PanGenetics the option to license a second antibody from its portfolio. Also as part of the agreement, Schering-Plough will become a shareholder in PanGenetics.