Enzon Pharmaceuticals Inc. and Micromet AG have entered an agreement to end the companies' collaboration to identify and develop antibody-based therapeutics for the treatment of inflammatory and autoimmune diseases. The termination was jointly agreed in consequence to Enzon's efforts to redirect its investments to projects strategically aligned with its near- and long-term business objectives, including an increased focus on cancer.
Since April 2002, the two companies combined their complementary expertise in single-chain antibody (SCA) technology and shared equally in the costs related to the identification of several antibody-based compounds. Under the termination agreement, Enzon will make a final payment to Micromet in satisfaction of its obligations under the collaboration. In addition, Micromet receives rights to the lead compound (MT203) generated within the scope of the collaboration and Enzon will receive royalties on any future product sales, claims a company release.
The termination of the research and development collaboration does not affect the companies' other agreements, including a cross-license agreement between the parties and a marketing agreement under which Micromet is the exclusive marketer of the two companies' combined intellectual property estate in the field of single-chain antibody technology (SCA). Under the marketing agreement, the two companies share equally in any revenues resulting from Micromet's licensing activities.
Micromet AG, a private Munich-based biotechnology company, puts novel concepts in immunotherapy to work. Using proprietary technologies, the company is building a strong pipeline of innovative drug candidates for the treatment of cancer, inflammation and autoimmune disease.
Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development and commercialisation of therapeutics to treat patients with cancer and other life-threatening diseases.