Exclusive licensing option for solid tumor antibody

Exercising this option prior to January 5, 2010 through an additional payment would trigger a joint collaboration on the development of the BiTE antibody against a solid tumor target through the completion of Phase I clinical trials, at which point Bayer Schering Pharma would assume full control of the further development and commercialization of the antibody. Micromet would be eligible for an option exercise fee and milestone payments of up to 290 million Euro in total and up to double-digit royalties based on tiered net sales of the product.

“Oncology is one of our core growth areas and biologicals are a key focus of our strategy. We are excited about Micromet’s BiTE antibody technology and believe BiTE antibodies represent a novel and promising approach to cancer therapy,” said Andreas Busch, Member of the Board of Management of Bayer Schering Pharma AG responsible for Global Drug Discovery.

“We are very pleased with Bayer’s interest in this preclinical BiTE antibody program and their financial commitment to secure exclusive access for the next 12 months. This deal represents further validation of BiTE antibody technology by a major oncology company,” said Christian Itin, Micromet’s Chief Executive Officer.

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