Genmab A/S Inks $1.1 Billion Deal With Johnson & Johnson
Published: Aug 31, 2012
Genmab A/S (GEN), a Danish biotechnology company, rose the most in more than a year after it said Johnson & Johnson (JNJ) licensed its experimental treatment for multiple myeloma. Genmab shares rose as much as 25 percent, the biggest intraday gain since Aug. 9, 2011, and were up 20 percent to 81 kroner as of 10:25 a.m. in Copenhagen. The agreement with J&J’s Janssen unit for daratumumab may be worth at least $1.1 billion, including an upfront payment of $55 million, milestone payments, and an $80 million equity investment, Genmab said in a statement today. Daratumumab is a monoclonal antibody that may have potential in treating other types of cancers such as acute myeloid leukemia, Genmab said.