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Seattle Genetics Gets Orphan Drug Status

Seattle Genetics said its SGN-35 drug candidate for Hodgkin’s disease and anaplastic large cell lymphoma has received orphan drug designation from regulators in Europe. The company (NASDAQ: SGEN) has also added the designation for anaplastic large cell lymphoma in the U.S., after previously securing that status for Hodgkin’s in the U.S. The designation is designed to encourage companies to develop treatments for rare diseases, by offering a seven-year marketing monopoly in the U.S. and 10 years in Europe if the drug is approved.