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Biotech / Medical : Seattle Genetics (SGEN)

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From: jad	4/21/2008 7:23:40 AM
	of 161

April 21, 2008--Seattle Genetics (SGEN) announced in an 8-K that the company entered into the first amendment to development and supply agreement with Abbott Laboratories (ABT) . SGEN recently announced Seattle Genetics entered into the First Amendment to Development and Supply Agreement (the "First Amendment") with Abbott Laboratories ("Abbott") amending the Development and Supply Agreement dated February 23, 2004 for manufacturing of the Co's SGN-30 monoclonal antibody (the "Abbott Agreement"). The SGN-30 monoclonal antibody is the antibody component of the Co's SGN-35 antibody-drug conjugate product candidate. Under the terms of the First Amendment, Abbott has agreed to perform GMP manufacturing of SGN-30 to support future development activities and clinical trials of SGN-35. The Co's total payments to Abbott under the First Amendment for manufacturing SGN-30 are expected to be ~$7.3 million. The First Amendment will be filed as an exhibit to the Co's quarterly report on Form 10-Q for the quarter ending June 30, 2008, with portions omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.

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