NEW YORK, July 7 (GenomeWeb News) - Abbott Laboratories and Celera Genomics Group today announced a partnership to develop therapeutic antibodies and small-molecule drugs against over-expressed cell-surface proteins associated with cancer.
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Celera will contribute a subset of the cell-surface antigens it has identified and validated in its ongoing proteomic studies in a number of solid tumors, the company said. Abbott will screen the antigens to identify those with potential for subsequent preclinical development.
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In the collaboration, the two companies may elect to jointly fund clinical development and commercialization of any therapeutic products and share the financial returns resulting from this, he companies said. Abbott will be responsible for commercialization of jointly-funded collaboration products.
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If either company opts to not jointly clinical development of a resulting product, the terms of the agreement will revert to a milestone and royalty structure. Additionally, Celera will receive milestone payments on reaching certain preclinical milestones. Celera retains certain diagnostic rights associated with selected targets.