ImClone gets $250 million milestone payment from Bristol-Myers Squibb

By Elaine Rigoli

Tampa, Fla., April 3 - ImClone Systems Inc. has received a $250 million milestone payment, under its commercial agreement with Bristol-Myers Squibb, triggered by Food and Drug Administration approval of Erbitux (cetuximab), an IgG1 monoclonal antibody for use in the treatment of squamous cell carcinoma of the head and neck.

Erbitux, which received a priority review, is the first drug approved to treat head and neck cancer in 45 years, according to a news release.

The $250 million payment is the final such payment under the commercial agreement. Total milestone payments received to date under the agreement are $900 million, the release said.

"This milestone payment marks the first full FDA approval of Erbitux, as our marketing application included data on its survival benefit in the treatment of certain patients with head and neck cancer," said Joseph L. Fischer, interim chief executive officer, in a news release.

"While it is the final milestone payment under our commercial agreements with corporate partners, our efforts in developing Erbitux and in exploring its ability to treat human cancers continue in over 20 different tumor types."

New York-based ImClone develops targeted biologic treatments designed to address the medical needs of patients with a variety of cancers.

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