Prima BioMed Ltd (NASDAQ:

)today announced it will receive an undisclosed clinical milestone payment from its collaboration and licensing agreement with Novartis (NYSE:

) relating to its Phase I IMP701 LAG-3 antibody. The antibody is being trialled for the treatment of cancer. Immutep (which Prima Biomed acquired in December 2014) and CoStim Pharmaceuticals (which Novartis acquired in February 2014) entered into a commercial licensing and collaboration agreement in September 2012, under which CoStim obtained a licence to develop and commercialize antagonistic LAG-3 antibodies.