Seattle Genetics Nabs $9.5M

4/20/10

Seattle Genetics, the developer of targeted cancer drugs in Bothell, WA, said today that Genentech, the U.S. unit of Roche, has agreed to pay $9.5 million to extend a licensing agreement between the two companies. Genentech has renewed its right to develop what are called “empowered antibodies” in which an antibody is made to zero in on a certain target on cells, and is linked to a more potent cell-killing agent. Genentech will pay the expenses of developing and marketing the drugs, while Seattle Genetics (NASDAQ: SGEN) will receive fees, milestone payments, and royalties on sales if they become FDA-approved products.

By posting a comment, you agree to our terms and conditions.