Seattle Genetics shares soar on Genentech pact

Shares of Seattle Genetics shot up 31.5 percent this morning after it announced that it would gain $60 million up front and more than $800 million in potential milestones from Genentech from its newly signed development pact for SGN-40. Genentech is committed to pay $20 million of those milestones payments in the first two years of the agreement as Seattle Genetics is reimbursed for clinical trials. The therapy is an early-stage cancer treatment being studied for multiple myeloma, chronic lymphocytic leukemia and non-Hodgkin's lymphoma.

- check out the release on the deal with Genentech

ALSO: Seattle Genetics has also signed a joint research agreement with Agensys to develop antibody-drug conjugate therapies for cancer. Release

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