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Oxford BioTherapeutics and GlaxoSmithKline Form Strategic Alliance to Develop Novel Cancer Therapeutic Antibodies
Date:5/17/2009

OXFORD, England, May 18 /PRNewswire/ --

- New Alliance a Key Step for OBT to Broaden its Exciting Pipeline of Therapeutic Antibodies

Oxford BioTherapeutics (OBT) today 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 (GBP244m) 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.

The alliance integrates OBT's expertise in the discovery of novel oncology targets and therapeutic antibody discovery with GSK's in-house therapeutic antibody discovery and development capabilities. OBT's antibody discovery platform builds on its OGAP(R) proteomic database, which represents one of the world's largest proprietary human protein collections including data on 5,000 cancer membrane proteins combined with highly disease relevant genomic and clinical information derived from human blood and cancer tissue studi
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SOURCE Oxford BioTherapeutics (OBT)
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