Celgene takes up option on GlobeImmune's Tarmogen product

6 August 2015

US biotech firm GlobeImmune’s (Nasdaq: GBIM) shares rose 17% to $2.89 in mid-morning trading on Tuesday after the company revealed that Celgene Corp (Nasdaq: CELG) has exercised its option under a 2009 agreement to exclusively license GI-6207, a Tarmogen product candidate targeting cancers that express carcinoembryonic antigen (CEA).

$1.9 million milestone payment to GlobeImmune

GI-6207 is the second Tarmogen product candidate licensed by Celgene under the collaboration. Under the terms of the agreement, GlobeImmune will receive an option exercise payment of $1.9 million, and is eligible for regulatory and sales milestones, as well as royalties on product sales in exchange for a worldwide license. The original accord provided for payments of up to $500 million to GlobeImmune (The Pharma Letter April 24, 2009). GI-6207 is currently being evaluated in a Phase II clinical trial at the National Cancer Institute (NCI) to evaluate GI-6207 in subjects with medullary thyroid cancer (MTC).

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