Monday, August 29, 2011

Adimab inks deals with Biogen Idec and Novo Nordisk

By Rodney Brown

New Hampshire biotech Adimab LLC continues to write collaboration deals with giant life sciences firms, the latest two being Biogen Idec Inc. of Weston and Novo Nordisk A/S of Denmark.

Under the terms of both deals, Lebanon-based Adimab will use its proprietary discovery platform to identify human antibodies against two targets selected by Biogen Idec (Nasdaq: BIIB), and a second two from Novo Nordisk (NYSE: NVO). Both deals involve unspecified up front payments to Adimab and potential preclinical milestones payments. Both deals also have the potential for Adimab to win clinical development milestones and royalties on the sales of any product that come from the collaborations.

In December, Adimab raised $4 million in new funding. According to a report at the time, founder Tillman Gerngross said Adimab, which is developing yeast-based antibodies, is growing faster than anticipated, reaching 60 employees at that time. The company launched in 2007.

Switzerland-based pharmaceutical company Novartis is another large collaboration partner with Adimab, from a deal the two entered into in July 2010. The early-stage research agreement calls for Adimab to use its drug discovery platform to try to identify fully human antibodies against two targets selected by Novartis. Novartis would have the rights to commercialize antibodies generated from the collaboration. Adimab would receive both upfront and milestone payments, and licensing fees. If any drugs were eventually approved based on the collaboration, Adimab could reap sales royalties.