Genentech has entered into an agreement to get access to Seattle Genetics' early-stage cancer drug in a deal that could net the smaller company up to $860 million.
The US biotechnology behemoth has signed an exclusive worldwide license agreement for the development and commercialisation of SGN-40, a humanized monoclonal antibody currently in Phase I and Phase II trials for multiple myeloma, chronic lymphocytic leukemia and non-Hodgkin's lymphoma.
Under the terms of the alliance, Seattle Genetics will receive an upfront payment of $60 million, potential milestone payments exceeding $800 million and "escalating double-digit royalties" on annual net sales of SGN-40. The milestone payments include $20 million in committed payments during the first two years of the pact and Genentech will fund future R&D, manufacturing and commercialisation costs.
Source:PharmaTimes
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