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Medarex, Inc.

Biopharma company expecting milestone payment from Bristol-Myers Squibb for cancer drug

Published in Elder Law Weekly, December 21st, 2005

Medarex, Inc. (MEDX) announced that it expects to receive an undisclosed milestone payment from its licensing partner, Bristol-Myers Squibb Company, for the advancement into clinical trials of BMS-66513, a fully human antibody that targets CD137, for the treatment of cancer.

The antibody product was developed using Medarex's UltiMAb technology and is the first UltiMAb-derived antibody in clinical development by Bristol-Myers Squibb under the December 2003 agreement with Medarex. Medarex also expects to receive additional milestone payments as well as royalties on any commercial sales resulting from the development of this product.

Medarex is a...

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