Seattle Genetics, Millennium Do Deal
Luke Timmerman4/6/09
Seattle Genetics, the Bothell, WA-based developer of cancer drugs, said today it licensed its technology to Millennium: The Takeda Oncology Company. Seattle Genetics (NASDAQ: SGEN) will get $4 million upfront for a worldwide license to use technology that combines antibodies that seek out tumors, with toxins that can make them more potent. Millennium will pay for development of the product candidate, and will pay a mid-single digit percentage royalty on sales to Seattle Genetics if it ever turns the technology into a product.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
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[...] Genetics and Millennium (Takeda) have entered into an agreement for the development of antibody-drug conjugates (ADCs). Millennium will pay a $4M upfront fee for [...]