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Oxford BioTherapeutics and GlaxoSmithKline Form Strategic Alliance to Develop Novel Cancer Therapeutic Antibodies

20 May 2009 - Oxford BioTherapeutics (OBT) announced a strategic alliance with GlaxoSmithKline to discover, develop and commercialise novel, therapeutic antibodies for the treatment of primary, metastatic and recurring forms of cancer.
 
Under the alliance, GSK will develop novel antibody therapies against selected OBT targets. In parallel OBT will develop one of its own monoclonal antibodies through to clinical proof of concept, at which point GSK will have an exclusive option to in-license this monoclonal antibody and will thereafter assume responsibility for further clinical development and commercialisation on a worldwide basis.
 
OBT will receive an undisclosed upfront payment and will be eligible for up to a total of $370m (£244m) upon the achievement of specified discovery, development, regulatory and commercialisation milestones.
 
In addition to the upfront and milestone payments, OBT will receive double-digit royalties on sales of any product that it develops to clinical proof of concept and single-digit royalties on worldwide sales of marketed GSK antibody products aimed at OBT targets. Furthermore, OBT may opt to carry forward the OBT or GSK collaboration programs that GSK chooses not to develop further.
 
"We are extremely pleased to be collaborating with GSK given their proven commitment to innovation and their expertise in the development and commercialisation of novel oncology medicines,” said Christian Rohlff, CEO of OBT.