On May 5 2010 Boehringer Ingelheim and Micromet Inc entered into a collaboration agreement for the research, development and commercialisation of a new BiTE antibody for the treatment of multiple myeloma.
Micromet and Boehringer Ingelheim will collaborate on the development of the BiTE antibody. Micromet is responsible for discovery of the BiTE antibody and will jointly conduct with Boehringer Ingelheim further pre-clinical studies. Boehringer Ingelheim is responsible for all manufacturing activities, clinical development and worldwide commercialisation subject to Micromet’s co-promotion right in the U.S. Micromet will bear the costs up to a pre-defined amount for its preclinical activities. During commercialization Micromet will solely bear the costs for its sales force in the U.S. All other costs for research, development, manufacturing and commercialization of the BiTE antibody will be borne by Boehringer Ingelheim.
Under the agreement Boehringer Ingelheim will pay Micromet an upfront cash payment of 5 million euro (approximately US$6.6 million). Micromet is eligible to receive development and regulatory milestone payments of up to 50 million euro (approximately US$66 million) and tiered low double-digit royalties on product sales outside the U.S. In the U.S. Micromet and Boehringer Ingelheim will jointly co-promote the BiTE antibody with commercial terms commensurate with a profit split.
