In January 2013, we entered into a collaboration agreement with Algeta ASA, for the development of epratuzumab conjugated with Algeta’s proprietary thorium-227 alpha-pharmaceutical payload. Under the terms of this agreement, we have manufactured and supplied clinical-grade epratuzumab to Algeta, which has rights to evaluate the potential of a conjugated thorium-227 epratuzumab for the treatment of cancer. Algeta will fund all nonclinical and clinical development costs up to the end of Phase I clinical testing. Upon successful completion of Phase I clinical testing, the parties shall negotiate terms for a license agreement at Algeta’s request. We have agreed with Algeta to certain parameters to be included in the license agreement.
On March 6, 2014, the Bayer Group completed the voluntary takeover of 98.2% shares and voting rights in Algeta, which made Algeta a majority-owned subsidiary of Bayer. Bayer subsequently acquired the remaining shares of the minority shareholders and as had the program with Immunomedics formally transferred to Bayer (Algeta).
Read the press release here.