Micromet Signs Deals With Bayer And Lonza

German biotech firm Micromet will work with Bayer Schering Pharma to develop a new antibody against an undisclosed solid tumor target. Micromet’s BiTE antibodies help direct the body’s cell-killing T cells against tumor cells. The two companies will collaborate through Phase I clinical trials, after which Bayer will assume control. Bayer will pay Micromet $7.5 million up front and up to $430 million in milestone payments. Separately, Micromet has hired Lonza to conduct process development and manufacturing of blinatumomab, an antibody in clinical studies for treating hematologic cancers.