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Biotech / Medical : Seattle Genetics (SGEN)

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To: nigel bates who wrote (54)	9/28/2004 1:19:11 PM
From: keokalani'nui	Read Replies (1) of 161

Seattle Genetics Announces Antibody-Drug Conjugate Agreement with Bayer Pharmaceuticals Tuesday September 28, 11:32 am ET BOTHELL, Wash.--(BUSINESS WIRE)--Sept. 28, 2004--Seattle Genetics, Inc. (Nasdaq:SGEN - News) announced today that Bayer Pharmaceuticals Corporation (NYSE:BAY - News) has licensed Seattle Genetics' proprietary antibody-drug conjugate (ADC) technology. The license provides Bayer with rights to utilize Seattle Genetics' ADC technology to link cell-killing drugs to antibodies against a specific tumor target selected by Bayer. Bayer has paid Seattle Genetics a $2.0 million fee and, under the terms of the multi-year license agreement, has agreed to make progress-dependent milestone payments and pay royalties on net sales of resulting ADC products. Bayer is responsible for research, product development, manufacturing and commercialization of all products under the collaboration. Seattle Genetics will receive material supply and annual maintenance fees as well as research support payments for any assistance provided to Bayer in developing ADC products.

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