Genentech and Seattle Genetics Collaborate for SGN-40

January 24, 2007
BioPharm International Editors

Genentech (San Francisco, CA, www.genentech.com) and Seattle Genetics, Inc. (Bothell, WA, www.seattlegenetics.com) have signed an exclusive worldwide license agreement to develop and commercialize SGN-40.

Genentech (San Francisco, CA, www.genentech.com) and Seattle Genetics, Inc. (Bothell, WA, www.seattlegenetics.com) have signed an exclusive worldwide license agreement to develop and commercialize SGN-40. SGN-40 is a humanized MAb currently in Phase 1 and Phase 2 clinical trials for multiple myeloma, chronic lymphocytic leukemia, and non-Hodgkin’s lymphoma.

Under the terms of the agreement, Seattle Genetics will receive an upfront payment of $60 million and potential milestone payments exceeding $800 million. The milestone payments, which are dependent on clinical and regulatory events across multiple disease indications worldwide, as well as attainment of certain annual net sales levels, include $20 million in committed payments during the first two years of the agreement.

Genentech will fund future research, development, manufacturing, and commercialization costs. Seattle Genetics will continue certain clinical trials and development activities, the costs of which will be reimbursed by Genentech. Seattle Genetics also has an option for copromotion rights on SGN-40 in the US.

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