NEW BRUNSWICK (dpa-AFX) - Genmab A/S (GNMSF.PK) announced a global license and development agreement for daratumumab, a human CD38 monoclonal antibody with Janssen Biotech Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson (JNJ). Currently, Daratumumab is in development for multiple myeloma and may have potential in other cancer indications such as acute myeloid leukemia. Pursuant to the deal, Genmab would grant Janssen an exclusive worldwide license to develop and commercialize daratumumab as well as a backup human CD38 antibody.
As part of the agreement, Genmab would receive an upfront license fee of $55 million or about DKK 327 million and Johnson & Johnson Development Corp. or JJDC would invest DKK 475 million, or about $80 million to subscribe for 5.4 million new shares of Genmab at a price of DKK 88 per share. Genmab's closing share price on August 29, 2012 was DKK 67.85.
Genmab currently has nearly 44.91 million shares outstanding and after completion of the private placement the number of shares would amount to 50.31 million. Following the issue of the new shares, JJDC would own 10.73% of Genmab's share capital.
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