Milestone payment triggers Genmab guidance increase

Reuters

* Genmab gets milestone payment from partner Janssen

* Shares rise more than 4 percent

* Ups full-year financial outlook

COPENHAGEN, Nov 26 (Reuters) - Danish biotech company Genmab raised its full-year guidance after announcing it willreceive an $8 million milestone payment from partner JanssenBiotech.

The payment has been triggered by progress in the clinicaldevelopment of daratumumab, a cancer drug candidate developed inco-operation with Janssen, a unit of drugmaker Johnson & Johnson.

Shares in Genmab jumped 6.6 percent at the open and were up4.4 percent at 0830 GMT, against a flat Copenhagen benchmarkindex.

Genmab said it now expects 2013 operating result forcontinuing operations to be between a loss of 30 million crownsand a profit of 35 million crowns. Its earlier guidance was foran operating loss of between 10 million crowns and 75 millioncrowns.

It expects its cash position at end of the year to bebetween 1.48 billion crowns and 1.53 billion crowns.

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