Seattle Genetics Announces Expansion of ADC Collaboration with Protein Design Labs
Seattle Genetics Also Obtains Rights Under PDL's Antibody Humanization Patents
BOTHELL, Wash.--(BUSINESS WIRE)--Jan. 12, 2004-- Seattle Genetics, Inc. (Nasdaq:SGEN - News) announced today that it has expanded its existing antibody-drug conjugate (ADC) collaboration with Protein Design Labs (PDL) (Nasdaq:PDLI - News). Under the amended agreement, Seattle Genetics will provide additional research and development support to PDL for products combining PDL's therapeutic antibodies and Seattle Genetics' proprietary ADC technology. In exchange, PDL has agreed to pay Seattle Genetics increased fees, milestones and royalties under the modified ADC collaboration. PDL has also granted Seattle Genetics a license and options for two additional licenses under PDL's antibody humanization patents. Financial details were not disclosed.
"ADCs utilize the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells. This is an increasingly important approach to antibody-based therapeutics, and we are excited to assist PDL in their continued development of products employing our leading ADC technology," stated Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "We are also pleased to obtain rights to PDL's antibody humanization technology, which will benefit our current and future product pipeline."
Under the terms of the amended collaboration agreement, PDL has rights to obtain exclusive licenses to Seattle Genetics' ADC technology for use with antibodies against targets selected by PDL. PDL pays Seattle Genetics fees for research and development support and materials, as well as progress-dependent milestone payments and royalties on net sales of any resulting ADC products. PDL is responsible for research, development, manufacturing and commercialization of any products resulting from the collaboration. In December 2003, the companies announced that PDL had exercised an option for an exclusive license to one antigen target under the collaboration agreement, which triggered a payment to Seattle Genetics.
Seattle Genetics has developed novel second-generation ADC technology employing synthetic, highly potent drugs that can be attached to antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells many of the toxic effects of traditional chemotherapy. ADCs may increase the therapeutic potential of antibodies that have targeting ability but no inherent cell-killing activity on their own.
About Seattle Genetics
Seattle Genetics discovers and develops monoclonal antibody-based therapeutics to treat cancer and other human diseases. The company has built a diverse portfolio of product candidates targeted to many types of cancer, including two being tested in multiple ongoing clinical trials, SGN-30 and SGN-15, and three in preclinical development, SGN-40, SGN-35 and SGN-17/19. The product candidates encompass three platform technologies: genetically engineered monoclonal antibodies, antibody-drug conjugates (ADCs) and antibody-directed enzyme prodrug therapy (ADEPT). Seattle Genetics has developed leading ADC technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. The company currently has license agreements for its ADC technology with Genentech, Celltech Group and Protein Design Labs and for its ADEPT technology with Genencor International. More information about Seattle Genetics can be found at www.seattlegenetics.com. |
