Genmab eyes $2 bln sales for key drug

By Nicola Leske

LONDON (Reuters) - Danish biotechnology firm Genmab (GEN.CO: Quote, Profile, Research, Stock Buzz) said on Tuesday its biggest new drug hope could post more than $2 billion in sales and it could sign a partnership for it by the end of the year.

HuMax-CD20, which -- if successful -- will compete in the cancer and arthritis market, is similar to Rituxan from Roche (ROG.VX: Quote, Profile, Research, Stock Buzz) and Genentech (DNA.N: Quote, Profile, Research, Stock Buzz), which generates worldwide sales of more than $2 billion.

"We could take a share of the market that is bigger than Rituxan's current sales," Genmab's Chief Executive Lisa Drakeman said at the Reuters Biotechnology Summit, meaning that HuMax-CD20, which could enter late-stage clinical trials this quarter, could top the $2 billion sales threshold.

"I would hope that we would have a partner maybe late this year, maybe in 2007," Drakeman said at the summit, held in London.

However, the company also has the potential to complete its planned clinical trials without a partnership, she said.

Genmab raised $130 million in a recent share issue, which Drakeman said increased the company's operating flexibility.

The group, which ranks as one of Europe's largest biotech firms by market value, is in talks with 10 to 20 interested parties for HuMax-DC20 and a smaller number of potential partners for another cancer drug HuMax-EGFr, Drakeman said.

Genmab hopes to bring HuMax-EGFr into late-stage clinical trials in the first half of 2006 also.  Continued...