Cambridge Antibody joins elite club with blockbuster drug
Cambridge Antibody Technology is celebrating its status as pioneer of UK biotech's first ever blockbuster drug, following the release of sales figures for rheumatoid arthritis drug, HUMIRA.Cambridge Antibody Technology is celebrating its status as pioneer of UK biotech's first ever blockbuster drug, following the release of sales figures for rheumatoid arthritis drug, HUMIRA.
CAT receives royalties from Abbott, which developed the drug and markets it, for its early stage work on the project. CAT isolated and optimised the drug.
US Pharma giant Abbott announced $1.4bn worldwide sales for HUMIRA, ahead of the forecast figure of more than $1.3bn. In a further boost, Abbott said it expected sales next year to top $1.9bn.
Following a High Court battle between the two partners, it has been agreed that CAT get royalties of 2.688 per cent for its part in developing HUMIRA.
Peter Chambre, CATs CEO said: “This is a major milestone for CAT. HUMIRA is an important product candidate for CAT and we are delighted that it has reached blockbuster status. The success of HUMIRA is vital to CATs progress as a product-based biopharmaceutical business and we look forward to further success in 2006 as Abbott continues to expand the range of approved indications.”
A blockbuster drug is defined as having annual sales in excess of $1b.
CAT’s shares rose 27p or 4.15 per cent to 677p on the news.