Xencor Gets Milestone Payment From Merck

Monrovia-based biopharmaceuticals developer Xencor reports this morning that it has received a milestone payment from Merck, for the initiation of a Phase 1 clinical trail which uses its antibody engineering technology. Size of that milestone payment was not announced. Xencor said the drug candidate is the sixth one using its intellectual property to reach clinical trials. Xencor--which is led by Bassil Dahiyat--develops antibody engineering technology which it says help improve the performance of antibodies.