Seattle Genetics generates $110M through ADC technology license agreements

Mar 3 2010

Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that it has achieved a milestone under its antibody-drug conjugate (ADC) collaboration with Genentech, Inc., a wholly owned member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY). The milestone was triggered by Genentech’s submission of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for an ADC utilizing Seattle Genetics’ technology for the treatment of cancer.

“This IND submission is reflective of the continued progress by our collaborators in the development of product candidates based on our proprietary ADC technology”

“This IND submission is reflective of the continued progress by our collaborators in the development of product candidates based on our proprietary ADC technology,” said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. “We are pleased that Genentech has advanced an ADC program using our technology towards clinical trials. We believe this further demonstrates the potential of ADCs to play an increasingly important role in the treatment of cancer and other serious diseases.”

ADCs are empowered monoclonal antibodies that carry potent, cell-killing drugs. Seattle Genetics has developed proprietary technology employing synthetic, highly potent drugs that can be attached to antibodies through stable linker systems. The linkers are designed to be stable in the bloodstream and release the drugs under specific conditions once inside targeted cells. This approach is intended to spare non-targeted cells and thus reduce many of the toxic effects of traditional chemotherapy. To date, Seattle Genetics has generated approximately $110 million through ADC technology license agreements with leading biotechnology and pharmaceutical companies.

Under the terms of the ADC collaboration agreement, Genentech has rights to use Seattle Genetics’ ADC technology with monoclonal antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and commercialization activities under the collaboration. Seattle Genetics is entitled to receive fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.

SOURCE Seattle Genetics, Inc.