FRANKFURT, Aug 5 (Reuters) - German pharmaceuticals company Bayer AG has entered a new cancer partnership with Compugen Ltd to research, develop and commercialise antibody-based therapies.
The two partners will jointly carry out a preclinical research programme, they said in a statement on Monday.
Under the deal, Compugen will receive an upfront payment of $10 million, and is eligible to receive over $500 million in potential milestone payments.
Compugen may also receive mid to high single digit royalties on worldwide net sales of any resulting products under the collaboration.
"Antibody-based immunotherapies are promising approaches in oncology which can stimulate the body's own immune cells to fight cancer cells," Bayer executive Andreas Busch said in a statement. (Reporting by Victoria Bryan)