Bayer Schering Pharma AG, Germany, will develop a new BiTE antibody for the treatment of solid tumors in collaboration with the biopharmaceutical company Micromet, Inc. In January 2009, both companies had entered into an option, license and collaboration agreement. By exercising the option now, Bayer Schering Pharma has triggered a joint collaboration on the development of the BiTE antibody against an undisclosed solid tumor target through the completion of Phase I clinical trials, at which point Bayer will assume full control of the further development and commercialization of the antibody. BiTE antibodies are designed to direct the body's cell-destroying T cells against tumor cells, and represent a new therapeutic approach to cancer therapy.
Bayer Schering Pharma will pay Micromet an option exercise fee of 5 million Euro in January 2010. According to the agreement, Micromet will be eligible for milestone payments of up to 285 million Euro in total and up to double-digit royalties based on tiered net sales of the product. In addition it is planned to reimburse Micromet for its R&D expenses.
"BiTE antibodies represent a promising approach to cancer therapy," said Dr. Karl Ziegelbauer, Head Therapeutic Research Oncology of Bayer Schering Pharma AG. "We are pleased with the progress of the program since the signing of the agreement in January of this year. We are looking forward to developing a new treatment for patients with solid tumors and to further advance novel therapeutic options in our oncology portfolio."
Jens Hennecke, Micromet's Senior Vice President for Business Development added: "Our research and preclinical development teams have done an excellent job in advancing the program since January of this year. Bayer Schering Pharma's early option exercise is a recognition of Micromet's development capabilities and confirms the promise of our BiTE antibody platform."
About Bayer HealthCareThe Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Bayer Schering Pharma, Consumer Care and Medical Care divisions. Bayer HealthCare's aim is to discover and manufacture products that will improve human and animal health worldwide. Find more information at http://www.bayerhealthcare.com. About Bayer Schering Pharma
Bayer Schering Pharma is a worldwide leading specialty pharmaceutical company. Its research and business activities are focused on the following areas: Diagnostic Imaging, General Medicine, Specialty Medicine and Women's Healthcare. With innovative products, Bayer Schering Pharma aims for leading positions in specialized markets worldwide. Using new ideas, Bayer Schering Pharma aims to make a contribution to medical progress and strives to improve the quality of life. Find more information at http://www.bayerscheringpharma.de.