Celgene offers up to $500M for promising antibody

Celgene has stepped in to in-license a pre-clinical antibody from Inhibrx, a little known biotech based in La Jolla. And while no one's saying what the target is or just how big the upfront amounts to, Celgene ($CELG) is promising up to $500 million in milestones as well as an unspecified royalty stream on a successful outcome.

"Inhibrx has developed an antibody with strong pre-clinical study results on a highly validated target with very promising therapeutic potential," said Tom Daniel, M.D., the president of research and early development at Celgene Corporation.

Not much is known about Inhibrx. According to the web site, the biotech was founded by CEO Mark Lappe, who was managing partner of the Efficacy Biotech Fund before starting Inhibrx.

- here's the press release