Seattle Genetics, Genentech Renew Pact

Genentech will pay $9.5 million to Seattle Genetics to renew exclusive licenses to specific targets and extend the research term under the parties’ existing antibody-drug conjugate (ADC) collaboration agreement. Genentech has rights to use Seattle Genetics’ ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and commercialization. Seattle Genetics is entitled to receive fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.

“We believe this collaboration, coupled with our multiple other ADC collaborations, reinforces the value of our industry-leading technology,” said Eric L. Dobmeier, chief business officer of Seattle Genetics. “For Seattle Genetics, these collaborations broaden the reach of our technology into diverse disease settings where empowered antibodies may be able to address significant unmet medical needs. In addition, these deals provide a substantial source of capital as we continue to advance our own pipeline of proprietary antibodies and ADCs for cancer.”