AstraZeneca makes foray into antibody drug development for cancer with Abgenix alliance. Companies enter into agreement to discover, develop and commercialize up to 36 cancer targets using fully human monoclonal antibodies. AstraZeneca will make up-front payments of $100 mil. to Abgenix and up to $60 mil. in additional milestone payments. Abgenix will be reimbursed for late preclinical and early clinical trials it conducts; AstraZeneca will be responsible for late-stage clinical trials and marketing. AstraZeneca will hold exclusive commercialization rights and pay royalties to Abgenix for drugs that reach market. Abgenix' lead candidate, ABX-EGF, is licensed to Amgen...
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