Lundbeck and Genmab enter into a research collaboration
* Lundbeck's new research strategy emphasizes the need for access to human
antibody technology as a tool to address targets inaccessible by small
molecules
* Lundbeck sees Genmab to be the right company in this space to partner with
* Lundbeck will gain access to Genmab's UltiMab technology allowing us to
pursue valuable CNS targets otherwise not accessible
H. Lundbeck A/S (Lundbeck) announced today an agreement to create and develop
human antibody therapeutics for disorders of the central nervous system (CNS)
with Genmab A/S (Genmab).
Following the agreement, Genmab will create novel human antibodies to a defined
number of targets identified by Lundbeck. Lundbeck will have access to Genmab's
antibody creation and development capabilities, including its state of the art,
fully automated pre-clinical antibody screening and characterization
capabilities and its proprietary stabilized IgG4 and UniBody therapeutic
antibody platforms. Furthermore, Lundbeck will have an option to take selected
antibodies into clinical development at its own cost and subject to the payment
of milestones and single digit royalties to Genmab upon successful development
and commercialization. Additionally, Genmab will have a similar option to take
selected antibodies into clinical development for certain non-CNS indications at
its own cost and subject to the payment of milestones and single digit royalties
to Lundbeck.
Under the terms of the agreement, Genmab will receive an upfront payment of EUR
7.5 million (approximately DKK 56 million). Lundbeck will fully fund the
development of the antibodies. If all milestones in the agreement are achieved,
the total value of the agreement to Genmab would be approximately EUR 38 million
(approximately DKK 283 million), plus single digit royalties
"We are pleased to enter into this collaboration with Lundbeck, world experts in
the development of CNS therapeutics. It gives Genmab the opportunity to leverage
our antibody technology and expertise and to expand our pipeline into a new and
exciting therapeutic area without assuming a financial obligation," said Jan van
de Winkel, Chief Executive Officer of Genmab.
"Genmab's broad antibody development expertise and Lundbeck's knowledge in CNS
disorders is an ideal combination for developing new treatments in this
important therapeutic area," said Peter Høngaard Andersen, Executive Vice
President, Head of Research at Lundbeck. "The new partnership follows Lundbeck's
new R&D strategy to ensure we have the most efficient platform for the future
discovery and development of drugs that will be able to help and treat
biologically defined groups of patients with brain diseases. It is this type of
drugs we expect will be in demand in the future".
Financial guidance
The content of this release will have no influence on the Lundbeck Group's
financial guidance for 2010 which was provided on 4 March 2010 in connection
with the release of the financial results for 2009.
Lundbeck contacts
Investors: Media:
Jacob Tolstrup Mads Kronborg
Vice President, Corporate Relations Media Relations Manager
+45 36 43 30 79 +45 36 43 28 51
Palle Holm Olesen Stine Hove Marsling
Chief Specialist, Investor Relations External Communication Specialist
+45 36 43 24 26 +45 36 43 28 33
Magnus Thorstholm Jensen
Investor Relations Officer
+45 36 43 38 16
About Genmab A/S
Genmab is a leading international biotechnology company focused on developing
fully human antibody therapeutics for the potential treatment of cancer.
Genmab's world class discovery and development teams are using cutting-edge
technology to create and develop products to address unmet medical needs.
Genmab's primary goal is to improve the lives of patients who are in urgent need
of new treatment options. For more information on Genmab's products and
technology, visit www.genmab.com.
About Lundbeck
H. Lundbeck A/S (LUN.CO, LUN DC, HLUKY) is an international pharmaceutical
company highly committed to improve the quality of life for people suffering
from central nervous system (CNS) disorders. For this purpose Lundbeck is
engaged in the research and development, production, marketing and sale of
pharmaceuticals across the world, targeted at disorders like depression and
anxiety, schizophrenia, insomnia, Huntington's, epilepsies, Alzheimer's and
Parkinson's diseases.
Lundbeck was founded in 1915 by Hans Lundbeck in Copenhagen, Denmark, and
employs today approximately 5,900 people worldwide. Lundbeck is one of the
world's leading pharmaceutical companies working with CNS disorders. In 2009,
the company's revenue was DKK 13.7 billion (approximately EUR 1.8 billion or USD
2.6 billion). For more information, please visit www.lundbeck.com.
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