Seattle Genetics Gets $8M From Pfizer
Seattle Genetics (NASDAQ: SGEN) said today it has licensed its technology for making “empowered antibodies” to Pfizer, the world’s largest drugmaker. Seattle Genetics will receive an $8 million upfront payment, could get more than $200 million in milestone payments, and stands to collect royalties if Pfizer can develop a product. In exchange for the cash, Pfizer is getting the right to develop souped-up antibodies against one molecular target for cancer. The Seattle Genetics method, which makes it possible to combine targeted antibodies with toxins that make them more potent cell-killing agents, has been licensed by a number of other big drugmakers, including Genentech, Millennium:The Takeda Oncology Company, Bayer, and GlaxoSmithKline. Seattle Genetics says its technology licensing activity has generated more than $145 million in revenue to date.