Prima Biomed to Receive Undisclosed Milestone Payment from Novartis

Prima BioMed Ltd PBMDtoday announced it will receive an undisclosed clinical milestone payment from its collaboration and licensing agreement with Novartis NVS relating to its Phase I IMP701 LAG-3 antibody. The antibody is being trialled for the treatment of cancer. Immutep (which Prima Biomed acquired in December 2014) and CoStim Pharmaceuticals (which Novartis acquired in February 2014) entered into a commercial licensing and collaboration agreement in September 2012, under which CoStim obtained a licence to develop and commercialize antagonistic LAG-3 antibodies.