BERKELEY, Calif., Jan. 17 (UPI) -- U.S. firm Xoma said Wednesday Schering-Plough has added new programs to the companies' existing agreement to develop therapeutic antibodies.
Xoma said it has received up-front payments pursuant to the pact for each of the new programs Schering-Plough has added and will also receive research funding for each project.
Xoma is also set to receive success-based milestones and royalties on the sale of any products that result from the collaboration, the company said.
"We have made significant progress on the first product program since its initiation with Schering-Plough in mid-2006," said Jack Castello, Xoma's chairman, president and chief executive officer. "We look forward to advancing the new programs in a similar high quality and expedited manner."
Under the deal, Xoma is responsible for discovering the antibodies against multiple targets selected by Schering-Plough.
