Cambridge Antibody Technology Group plc (CAT) announced the restructuring of an existing antibody development and marketing collaboration agreement between CAT and Immunex Corporation, subsequently acquired by Amgen Inc., in which Amgen takes over responsibility for the future development of the antibodies covered by the agreement. CAT will have the right to receive milestone and royalty payments upon the success of these programmes.
Under the agreement, Amgen will take responsibility for the further development and marketing of the therapeutic antibody candidates isolated by CAT against two targets on which the parties agreed to collaborate and will bear all the associated costs. In return, CAT will receive from Amgen an initial fee and potential milestone payments and royalties on future sales.
One candidate has been delivered by CAT to Amgen. A second candidate is the subject of a continuing research programme funded by Amgen and conducted by CAT and will be delivered to Amgen in due course.
Peter Chambré, CAT's CEO, commented, "We are delighted to have signed this agreement with Amgen. Over the last twelve months we have reviewed our product portfolio with the intention of focusing our investment on a number of core programmes. This agreement allows us to do this, whilst retaining a significant interest in the success of the two antibody candidates which CAT has helped to develop against Amgen targets."
CAT is a UK-based biotechnology company using its proprietary technologies and capabilities in human monoclonal antibodies for drug discovery and drug development. Based near Cambridge, England, CAT currently employs around 280 people.