Medarex to Receive Milestone Payment From Amgen

Medarex expects to receive an undisclosed milestone payment from its licensing partner, Amgen, for the advancement of an antibody into clinical trials.

The antibody product was developed using Medarex's UltiMAb technology and is the third UltiMAb-derived antibody in clinical development by Amgen. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market.