GlaxoSmithKline and Genmab amend ofatumumab agreement
Under the terms of the amendment, GSK will take responsibility for developing ofatumumab in autoimmune indications whilst continuing to jointly develop ofatumumab with Genmab in oncology indications. Genmab will receive an up front payment of GBP 90 million from GSK.
Genmab’s future funding commitment for the development of ofatumumab in oncology indications will be capped at a total of GBP 145 million, including a yearly spending cap of GBP 17 million for each of the next six years starting with 2010. Future milestones due to Genmab under the oncology development program will be reduced by 50%. There will be no change in royalty tiers to Genmab in the oncology program.
GSK is currently planning a number of Phase II clinical studies to take ofatumumab forward in autoimmune indications. GSK will be solely responsible for funding the development in these indications. As a result, Genmab will forego development milestones for autoimmune indications and the first two sales milestones while retaining a double digit royalty on sales.
Source: Genmab
