Compugen achieves first milestone in Bayer collaboration

|About: Compugen Ltd. (CGEN)|By:, SA News Editor

Compugen (CGEN) achieves the first preclinical milestone in the development of one of the two checkpoint protein candidates discovered by Compugen that are the basis for its collaboration with Bayer HealthCare (BAYRY) (BAYZF). The company is now eligible to receive a $1.2M milestone payment from Bayer.

The two firms formalized their partnership last August in a deal that could bring up to $530M to Compugen in milestone payments plus royalties on commercial sales of therapeutic antibodies developed by Bayer against the checkpoint proteins.