Seattle Genetics, Pfizer Enter ADC Pact

Seattle Genetics has entered into a collaboration agreement with Pfizer, under which Pfizer will pay $8 million upfront for rights to use Seattle Genetics’ antibody-drug conjugate (ADC) technology with antibodies to a single oncology target. ADCs are monoclonal antibodies that selectively deliver potent anti-cancer agents to tumor cells.

“This collaboration reflects the increasing value of our ADC technology and strong interest in its potential among leaders in the drug development community,” said Eric L. Dobmeier, chief business officer of Seattle Genetics. “We now have 10 ongoing ADC collaborations, six collaborator ADCs using our technology are in clinical development, and several additional programs are advancing towards the clinic. We have generated more than $145 million from ADC licensing, and we have the potential to receive significant future milestones and royalties for ADCs developed by our collaborators.”

Pfizer is responsible for research, product development, manufacturing and commercialization of any ADC products. Seattle Genetics is eligible to receive more than $200 million in success-based milestones as well as royalties on worldwide sales. Seattle Genetics will also receive material supply and annual maintenance fees as well as research support payments.