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news.Seattle Genetics has announced that it will receive a $4 million milestone payment from its collaborator Genentech. The milestone payment has been triggered by Genentech's initiation of a Phase Ib clinical trial of SGN-40 in combination with Rituxan for patients with relapsed follicular or marginal zone non-Hodgkin lymphoma.
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Under the terms of the collaboration agreement, Seattle Genetics received an upfront payment of $60 million in February 2007, and is entitled to receive potential milestone payments exceeding $800 million and escalating double-digit royalties starting in the mid-teens on sales of SGN-40. Genentech funds research, development, manufacturing and commercialization expenses for SGN-40, including reimbursing Seattle Genetics for costs incurred in connection with activities it funds for the program.
Thomas Reynolds, chief medical officer of Seattle Genetics, said: “This trial is one of several being initiated under our collaboration with Genentech that will enable us to more fully evaluate the safety and therapeutic potential of SGN-40 for the treatment of hematologic malignancies such as non-Hodgkin lymphoma and multiple myeloma.”