Seattle Genetics Bags $12M From GSK

12/21/09

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.

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