The milestone was triggered by Genentech’s filing of an investigational new drug application with the FDA for an antibody-drug conjugate (ADC) utilizing Seattle Genetics’s technology.
Under the terms of the ADC collaboration agreement, Genentech has rights to use Seattle Genetics’s ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and commercialization activities under the collaboration.
Seattle Genetics is entitled to receive fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.
Eric Dobmeier, chief business officer of Seattle Genetics, said: “The achievement of this milestone under our collaboration with Genentech further demonstrates the broad potential of our ADC technology to empower antibodies.”