Seattle Genetics strikes again with $208M ADC deal with Abbott
Seattle Genetics ($SGEN) has racked up another collaboration pact involving its closely-watched antibody-drug conjugate technology. The red-hot ADC company is pocketing $8 million from Abbott Laboratories ($ABT), which is promising up to $200 million more as it focuses on a single cancer target.
"This is the second ADC collaboration with a multinational pharmaceutical company that we have announced this year, further illustrating the important role that our ADC technology is poised to play in the treatment of many types of cancer," says Eric Dobmeier, the chief business officer of Seattle Genetics.
Abbott is responsible for research, product development, manufacturing and commercialization of any ADC products under the collaboration. Seattle Genetics has 11 active ADC collaborations which have spawned payments of more than $155 million from ADC licensing deals to date.
- here's the Seattle Genetics release