Courtesy of Benzinga.
Immunomedics, Inc. (Nasdaq: IMMU) and UCB S.A. today announced that they have amended their Development, Collaboration and License Agreement for the exclusive worldwide rights to develop, market and sell epratuzumab for all autoimmune disease indications. The restructuring provides UCB with the flexibility to select a partner to sublicense its rights for certain territories. Under the terms of the amended agreement, in return for the right to sublicense, UCB returned its buy-in right for the cancer indication to Immunomedics.
Immunomedics will receive a non-refundable cash payment totaling $30 million upon execution of the amendment. In the event UCB exercises its right to sublicense, Immunomedics will be entitled to receive an additional cash payment of $30 million and additional payments upon achievement of new regulatory and sales milestones pursuant to the amended Development, Collaboration and License Agreement. In addition, Immunomedics will issue to UCB a 5-year warrant to purchase one million shares of Immunomedics’ common stock at an exercise price equal to $8.00 per share.
“We are pleased with the amendment we have reached with Immunomedics. It allows UCB an opportunity to explore collaborations with third parties to take full advantage of the opportunities presented by epratuzumab. People living with lupus are suffering and waiting for therapeutic options. UCB strongly believes in partnership and in bringing epratuzumab to people living with severe autoimmune diseases – especially lupus,” said Iris Loew-Friedrich, EVP and Chief Medical Officer of UCB.
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