Belgium's UCB has agreed to license Immunomedics' experimental therapy for immune system diseases in a deal that pays $38 million up front. Morris Plains, NJ-based Immunomedics also stands to gain $145 million in milestone payments and $20 million in equity investments for the successful development of the product, which is in late-stage trials for lupus. UCB gains worldwide rights for autoimmune diseases. Epratuzumab, a protein designed to target particular cells, has been given fast-track status by the FDA.
"It offers a unique mechanism of action in targeting B-cells, which is very complementary to UCB's T-cell expertise," said Melanie Lee, executive vice president, research and development of UCB. "UCB plans to escalate activity in the ongoing Phase III studies, with timelines and milestones to be updated when fully integrated into our existing portfolio.
- read the AP report for more details on the deal