Boehringer Ingelheim, Micromet enter collaboration for new BiTE antibody for multiple myeloma

May 5 2010

Boehringer Ingelheim and Micromet, Inc. (Nasdaq: MITI) announced today that they have entered into a collaboration agreement for the research, development and commercialization of a new BiTE antibody for the treatment of multiple myeloma.  

Despite recent advances in the treatment of multiple myeloma, the disease remains largely incurable.  While the majority of patients initially respond to treatment, almost all of these patients will eventually relapse.

"Multiple myeloma will be an indication of focus for Micromet and we are very pleased to collaborate with Boehringer Ingelheim, an industry leader with a proven track record of successful partnerships," said Christian Itin, Ph.D., Micromet's President and Chief Executive Officer. "In line with the strategic importance of hemato-oncology for Micromet we have retained U.S. co-promotion rights for this product candidate consistent with our goal of building a commercial hematology franchise in the United States."

"We recognize the advantage of combining Micromet's BiTE antibody platform with our target identification and development expertise and we believe that a BiTE antibody has the potential to address the significant unmet medical need of patients with multiple myeloma," said Wolfgang Rettig, M.D., Ph.D., Head of Corporate Research, Boehringer Ingelheim. "This collaboration builds on the unique strengths of Micromet and Boehringer Ingelheim." 

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 commercialization 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 terms of the agreement Boehringer Ingelheim will pay Micromet an upfront cash payment of 5 million euro (approximately $6.6 million). Micromet is eligible to receive development and regulatory milestone payments of up to 50 million euro (approximately $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.