Bayer Buys Cancer-Fighting Antibody Rights For $426M

Law360, New York (December 1, 2009, 6:59 PM EST) -- Bayer Schering Pharma AG on Tuesday exercised an option to buy the rights to an innovative cancer treatment from American biopharmaceutical company Micromet Inc. for as much as $426 million.

Under the agreement, the two companies will develop a new BiTE antibody for the treatment of solid tumors in cancer patients. BiTE antibodies are used to direct the body's cytotoxic, or cell-destroying, T cells, to attack tumors, creating what Micromet said is a new therapeutic approach to treating cancer.

Bayer and Micromet first entered into an...
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