Seattle Genetics Snags Milestone

8/10/09

Seattle Genetics, the Bothell, WA-based developer of antibody drugs for cancer, said today it has earned an undisclosed milestone payment from MedImmune, a wholly-owned subsidiary of AstraZeneca. Seattle Genetics (NASDAQ: SGEN) is due to receive the payment because MedImmune started a clinical trial with a drug that uses Seattle Genetics’ proprietary technology for making antibody treatments more potent. Seattle Genetics has also licensed the technology to Genentech, Millennium: The Takeda Oncology Company, and Bayer, among others.

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