Bayer Schering Pharma, Micromet to collaborate on developing new cancer antibody

Bayer Schering Pharma  yesterday announced that it plans to develop a new BiTE antibody for the treatment of solid tumours in collaboration with vaccines developer 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 for the treatment of an undisclosed solid tumor through the completion of Phase I clinical trials.

Bayer will assume full control of the further development and commercialisation 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 Euros in January 2010.

According to the agreement, Micromet will be eligible for total milestone payments of up to 285 million Euros and up to double-digit royalties based on tiered net sales of the product.