Seattle Genetics Announces Antibody-Drug Conjugate Collaboration with MedImmune
BOTHELL, Wash.--(BUSINESS WIRE)--April 28, 2005--Seattle Genetics, Inc. (Nasdaq:SGEN -News) announced today it has entered into an antibody-drug conjugate (ADC) collaboration with MedImmune, Inc. MedImmune will pay an upfront fee of $2.0 million for rights to utilize Seattle Genetics' ADC technology with antibodies against a single tumor target that MedImmune has selected. MedImmune also has an option to pay an additional fee to access the ADC technology for a second proprietary antibody program.
"As one of the world's leading biotechnology companies with expertise in antibody product development, MedImmune is an ideal partner for our ADC technology," stated Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "We now have six collaborations with major biotechnology and pharmaceutical companies that are utilizing our ADC technology to develop the next generation of empowered antibody-based therapies."
Under the terms of the collaboration, MedImmune has agreed to make progress-dependent milestone payments and pay royalties on net sales of any resulting ADC products. MedImmune 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 MedImmune in developing ADC products.
Seattle Genetics' second generation ADC technology utilizes the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells. This ADC technology employs 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, potentially sparing non-target cells many of the toxic effects of traditional chemotherapy. By linking drug payloads to monoclonal antibodies, ADCs can increase the cell-killing activity of antibodies that have inherent cell targeting ability.
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 three being tested in multiple ongoing clinical trials, SGN-30, SGN-15 and SGN-40, and four in preclinical development, SGN-35, SGN-70, SGN-75 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, UCB Celltech, Protein Design Labs, CuraGen, Bayer and MedImmune and for its ADEPT technology with Genencor International. More information about Seattle Genetics can be found at www.seattlegenetics.com. |
