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Seattle Genetics Gets $12M From Agensys

Seattle Genetics, the Bothell, WA-based developer of cancer drugs, said today it will get a $12 million upfront fee from Agensys, an affiliate of Japan-based Astellas Pharma, under a renegotiated partnership to develop targeted antibody treatments loaded with toxins to make them more potent. Seattle Genetics (NASDAQ: SGEN) struck its first partnership with Agensys in January 2007, but the new partnership allows for the two companies to collaborate on multiple new targets of cancer drugs.