Seattle Genetics Bags $12M From GSK
Luke Timmerman12/21/09
Seattle Genetics, the Bothell, WA-based developer of antibody drugs for cancer, said today it has secured $12 million in upfront payments from GlaxoSmithKline in exchange for technology that links antibodies to toxins that make them more potent. Seattle Genetics stands to receive $390 million of milestones if all of the antibody-drug conjugates GlaxoSmithKline is developing reach the marketplace, plus a mid-single digit percentage royalty of worldwide sales. Seattle Genetics (NASDAQ: SGEN) now has nine separate licenses with other companies using its antibody-drug linking technology, who have paid $35 million for those rights this year.
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.
