Affymax N.V. announced Monday that it has entered into acollaboration with Sandoz Pharma Ltd. under which Sandoz willfund Affymax research on the feasibility of developing acatalytic antibody to be used in the manufacture of anunnamed, proprietary Sandoz pharmaceutical.
Sandoz will fund three years of research and have an option forexclusive rights to the results. In addition to R&D funding,Affymax will receive milestone payments and royalties onsales of any products manufactured using technologydeveloped under the agreement. No further terms weredisclosed.
Catalytic antibodies have the potential to combine thespecificity of antibodies with the ability to catalyze reactions ina manner similar to enzymes. According to the Amsterdam,Netherlands-based company, none have yet been successfullycommercialized.
Affymax, whose research activities are located in Palo Alto,Calif., is pursuing catalytic antibody research throughcollaborative arrangements. This is the company's first suchagreement, said Treasurer David Singer.
Affymax shares (NASDAQ:AFMXF) closed at $37.50, up 50cents. Investors bid the stock up $6 last week.
(c) 1997 American Health Consultants. All rights reserved.