NEW YORK—Micromet Inc. said Monday it licensed three experimental cancer antibodies to Amgen Inc. in a deal that could be worth $990 million.
Amgen agreed to pay Micromet 10 million euros ($14.3 million) upfront and it will reimburse Micromet for research and development. The drugs will be studied as treatments for solid tumors. Micromet could get as much as 342 million euros ($487.3 million) in payments if the drugs reach development milestones, are approved, and reach sales targets. It will also receive royalty payments on any sales. Including a cash payment at the start of a second development program and other payments, Micromet could receive 695 million euros ($990.4 million).
Micromet, of Rockville, Md., develops drugs that are designed to train the body's T cells to target tumor cells. Immune therapies for cancer have become a major area for research because they have the potential to treat cancer while sparing healthy cells. Traditional chemotherapy drugs attack tumor cells and healthy cells at the same time.
Shares of Micromet rose 33 cents, or 5.7 percent, to $6.09 in midday trading. Shares of Thousand Oaks, Calif.-based Amgen slipped 64 cents to $57.