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news.Seattle Genetics has licensed Abbott to use its antibody-drug conjugate (ADC) technology with antibodies to a single oncology target.
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As per the agreement, Seattle Genetics is eligible to receive a sum of $8m as an upfront payment from Abbott.
Further, Seattle Genetics is also entitled to get approximately up to $200m in milestone payments, as well as royalties on worldwide net sales of any resulting ADC products from Abbott.
Seattle Genetics also will receive annual maintenance fees and research support payments for assistance provided to Abbott under the collaboration.
Under the contract, Abbott will take care of the research, product development, manufacturing and commercialization of any ADC products.
Seattle Genetics chief business officer Eric Dobmeier said this is the second ADC collaboration with a multinational pharmaceutical company that they have announced this year, further illustrating the important role that their ADC technology is poised to play in the treatment of many types of cancer.