On June 27, 2012 Inhibrx LLC reported a worldwide Option and License Agreement with Celgene for an Inhibrx Antibody Program (Press release, Inhibrx, JUN 27, 2012, View Source [SID1234527493]). The target of this Antibody Program was not disclosed.

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"Inhibrx has developed an antibody with strong pre-clinical study results on a highly validated target with very promising therapeutic potential," said Tom Daniel, M.D., President of Research and Early Development for Celgene Corporation.

"We are pleased to have a company of Celgene’s caliber as the licensee of this program. On a global basis, Celgene has the science, clinical, regulatory and commercial expertise as well as the commitment to patients that continue to deliver disease-altering solutions to patients in need as quickly as possible," stated Mark Lappe, CEO of Inhibrx.

The total deal potential is in excess of $500M. This includes upfront, clinical and regulatory milestone payments. Additionally, Inhibrx is eligible to receive royalties on commercial sales.