Licensing deal
PanGenetics BV, an antibody specialist that is headquartered in Utrecht in the Netherlands and carries out research in Cambridge, UK, has in-licensed an antibody from Schering-Plough, in a deal worth a potential $50 million in milestone and royalty payments.
The therapeutic target was not disclosed, but PanGenetics will have responsibility for taking the antibody through preclinical development and up to proof of efficacy in a Phase II trial.
At that point Schering-Plough has the option either to assume exclusive responsibility for further development, or to enter into a co-development arrangement with PanGenetics. In addition, Schering-Plough has granted PanGenetics the option to license a second antibody from its portfolio.
As part of the agreement, Schering-Plough will become a shareholder in PanGenetics, joining current investors, Index Ventures, ABN-AMRO Life Sciences and Credit Agricole Private Equity.
“This is an important validation of [our] business model, which focuses on in-licensing preclinical stage antibodies which are then developed to clinical proof of concept.” said Kevin Johnson, CEO of PanGenetics.
The company operates on a virtual model, with most development activities outsourced to specialist providers in Europe. Its most advanced programme is PG102, a CD40 antagonist for the treatment of Crohn’s disease.
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