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SeaGen Inks Abbott Deal

Xconomy Seattle — 

Seattle Genetics (NASDAQ: SGEN), said today it will get an $8 million upfront payment from Abbott Laboratories in exchange for the right to use technology that links targeted antibodies to toxins that make them more potent drugs. Abbott (NYSE: ABT) has gotten a license to use the Seattle Genetics technology against one molecular target on cancer cells. Seattle Genetics is eligible to receive as much as $200 million in milestone payments through the deal, plus royalties on product sales. Seattle Genetics now has licensed its antibody linking technology to 11 different organizations.