Seattle Genetics announced today that it has completed a deal with Abbott for use of its antibody drug conjugate (ADC) technology for a series of cancer applications. SeaGen will receive $25 M upfront and have the possibility of earning $220 M in milestones plus mid- to high single digit royalties for each new Abbott cancer drug.
Thus, Seattle Genetics has successfully parlayed its licensed Hodgkin's therapy, Adcetris, into another long-term money generating technology deal. Previously, Abbott hahad only committed $8 M to SeaGen in a single 1 molecule deal in 2011. Oh, what a little clinical success can bring. Also, Genentech's success with T-DM1 in its partnership with ImmunoGen has hurt either.
ADCs are coming. There are more than 15 other ADC candidates in clinical trials. Backers of this technology include: Astellas Pharmaceuticals, Bayer, Celldex Therapeutics, Daiichi Sankyo, Genentech, GSK, Millenium/Takeda, Pfizer, and Progenics.
"We are leading the field in ADC development, and this expanded collaboration with Abbott further validates our technology and approach in targeting and treating cancer," said Natasha Hernday, SeaGen VP of corporate development. See Xconomy and Fierce Biotech.
Posted by Bruce Lehr Oct 23rd 2012.