Seattle Genetics signs licensing deal with Abbot for anti-cancer treatment technology Print E-mail
By Deborah Sterescu-Proactiveinvestors   
Tuesday, 22 March 2011 13:57
Seattle Genetics (NASDAQ:SGEN) announced Tuesday that it has signed a development deal with Abbott (NYSE:ABT) for the company's anti-cancer antibodies technology.
Under the terms of the deal, Abbott will pay an upfront fee of $8 million for rights to use Seattle's antibody-drug conjugates (ADC). ADCs are monoclonal antibodies that deliver anti-cancer agents to targeted tumor cells. The company's technology is intended to spare non-targeted, or healthy cells, thereby reducing the toxic effects of traditional chemotherapy.
As part of the agreement, Abbott will be responsible for research, development, manufacturing and commercialization of any ADC products. Seattle Genetics will also be eligible to receive up to roughly $200 million in milestone payments, as well as royalties on worldwide sales pending certain regulatory and commercial achievements.
"This is the second ADC collaboration with a multinational pharmaceutical company that we have announced this year, further illustrating the important role that our ADC technology is poised to play in the treatment of many types of cancer," said chief business officer at Seattle Genetics, Eric L. Dobmeier.
Seattle Genetics currently has 11 active ADC collaborations with companies including Bayer, GlaxoSmithKline and Pfizer, and has generated more than $155 million from ADC licensing deals to date.
In February, the company submitted a license application to the US FDA for its lead product candidate, brentuximab vedotin, a drug for the treatment of relapsed hodgkin lymphoma.
“Proactiveinvestors is a leading news organisation and event business with offices in New York, Sydney, Toronto and London. The Company is a publisher and is not registered with the US Securities Exchange Commission or Ontario Securities Commission. Please read our full terms and conditions here

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit!! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus