Amgen, Micromet to expand development of BiTE antibodies against solid tumors

Micromet, Inc. (NASDAQ: MITI) announced today that it has entered into a collaboration agreement with Amgen Inc. for the research of BiTE antibodies against three undisclosed solid tumor targets. Amgen will have the right to pursue development and commercialization of BiTE antibodies against up to two of these targets, to be selected by Amgen.

"The BiTE antibody provides an innovative approach to cancer therapy," said Roger M. Perlmutter, M.D., Ph.D., executive vice president of Research and Development at Amgen. "Amgen is pleased to collaborate with the Micromet scientific team to deploy this technology against targets for the treatment of solid tumors."

Under the terms of the agreement, Amgen is expected to pay €10 million upon deal execution. If milestones in multiple indications and tumor types are achieved, Micromet is eligible to receive up to €342 million in clinical and commercial milestone payments. Micromet is also eligible to receive up to double-digit royalties on worldwide net sales.

For the second BiTE program, Micromet is eligible to receive an additional cash payment upon initiation of the program, milestones, royalties and development funding comparable to the first program. The combined potential payments to Micromet from both programs, excluding reimbursement of research and development costs, are approximately €695 million. The initial development plan contemplates €25 million in funding of Micromet R&D activities if two BiTE antibodies are advanced to IND. All expected costs associated with the research, development and commercialization of the BiTE antibodies will be borne by Amgen.

Micromet will be primarily responsible for the discovery and pre-clinical development of the BiTE antibodies. Amgen will lead the clinical development, manufacturing, and commercialization of any products resulting from the collaboration.

"We are very pleased to collaborate with Amgen, an industry leader with a proven track record of success in oncology and biologics," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "This collaboration aligns well with our strategy to expand development of BiTE antibodies into solid tumor indications with support from a partner and brings important non-dilutive capital into the company."