Issue Date: January 15, 2007
Seattle Genetics seals two drug pacts
Seattle Genetics has secured two antibody drug development deals. Genentech paid $60 million up front for exclusive rights to SGN-40, a humanized monoclonal antibody in Phase I and II clinical trials to treat a range of cancers. Seattle Genetics could earn up to $800 million in milestone payments, as well as royalties of more than 10% on sales of the drug. Genentech will cover all costs for development of the drug. Separately, Seattle Genetics will collaborate with Agensys to develop antibody-drug conjugates to treat cancer. The ADCs will combine Agensys antibodies with Seattle Genetics' conjugation technology.
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