Seattle Genetics is on a deal-making roll. The developer announced a $402 million pact--including an upfront of $12 million--with GlaxoSmithKline to employ the developer's antibody-drug conjugate technology with multiple antigens to be named by GSK.
Just a week ago Takeda's Millennium plunked down $60 million upfront and promised up to $230 million in milestones and $75 million in research funds for a commercialization deal covering the Phase III drug candidate brentuximab vedotin (SGN-35). And in late November Seattle Genetics inked a $362 million deal with an affiliate of Astellas. That adds up to a set of partnerships that could generate more than a billion dollars. That new money should help take the sting out of Roche's decision earlier this month to kick back its $860 million pact with Seattle Genetics.
"By collaborating with leading companies such as GSK, we are broadening the reach of our proprietary ADC technology while also generating substantial non-dilutive capital for Seattle Genetics," said Eric L. Dobmeier, the chief business officer of Seattle Genetics. "We now have nine ADC licensees and we have generated more than $35 million during 2009 from new and ongoing ADC collaborations."
In this new pact GSK is responsible for research, product development, manufacturing and commercialization of all ADC products. In addition to the upfront, milestones and royalties, Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments.
- check out Seattle Genetics' release