Seattle Genetics Gets Roche Cash

3/3/10

Seattle Genetics said today it has received an undisclosed milestone payment from Genentech, a wholly owned unit of Switzerland-based Roche. Seattle Genetics (NASDAQ: SGEN) is getting the payment because Genentech has filed an application with the FDA to begin clinical trials of an antibody for cancer that uses Seattle Genetics’ technology that links those targeting agents to toxins that make them more potent. Seattle Genetics has now received $110 million in total payments from partners who use the antibody-linking technology, and it stands to receive more in royalties if they ever become marketed products.

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