Medarex Inc announced a partnership with Pfizer Inc for the development of fully human therapeutic antibodies. Medarex plans to use its UltiMAb Human Antibody Development System(SM) to generate antibodies to disease targets. Pursuant to the agreement, Medarex could receive license fees and milestone payments as well as royalties on commercial sales of any products that may result from this agreement.

"We are excited that Pfizer, a leading pharmaceutical company, now joins our growing list of top pharmaceutical companies that have access to our antibody technology," said Dr. Donald L. Drakeman, President and CEO of Medarex.

Medarex is a biopharmaceutical company focused on the discovery and development of therapeutics to treat life-threatening and debilitating diseases. Medarex's UltiMAb Human Antibody Development System(SM) is a unique combination of human antibody technologies that Medarex believes enables the rapid creation and development of fully human antibodies for a wide range of potential disease targets for therapeutic antibody products, including products for the treatment of cancer, inflammation, autoimmune and infectious diseases. Medarex's product pipeline is based on a variety of therapeutic antibody products developed through the use of its UltiMAb(SM) technology.