Genmab signs with Johnson

 
City A.M. Reporter
GENMAB yesterday agreed a deal that could be worth over $1.1bn with a unit of Johnson & Johnson for the rights to a cancer agent, giving the US company a 10.7 per cent equity stake in the Danish biotech group.

Genmab said that J&J unit Janssen Biotech would obtain global licence rights to cancer agent daratumumab. Janssen Biotech will make an upfront payment of $55m for the license and Johnson & Johnson Development would invest 475m Danish crowns (£50m) in new Genmab shares, the company said.

Shares in Genmab climbed 16 per cent yesterday.