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news.Seattle Genetics is to receive a $1.5 million payment from MedImmune for an exclusive license to a second antigen target under their existing antibody-drug conjugate collaboration.
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The companies entered into the antibody-drug conjugate (ADC) collaboration in April 2005 to provide MedImmune with access to Seattle Genetics’ ADC technology for antibodies targeting up to two antigens. Under the terms of the collaboration, MedImmune paid an upfront fee of $2.0 million for the first target, and obtained an option to license a second antigen for an additional fee of $1.5 million.
MedImmune has also agreed to pay ongoing technology access fees, progress-dependent milestone payments and royalties on net sales of ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of product candidates under the collaboration.
Eric Dobmeier, chief business officer of Seattle Genetics, said: “MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target. Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated.”