Seattle, Genentech extend antibody agreement

<p>Genentech will exercise exclusive licenses to specific targets and use Seattle Genetics&#0039; antibody-drug conjugate (ADC) technology. ADCs utilize the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells.<br /><br />Under the terms of the agreement, Genentech has rights to use Seattle Genetics&#0039; ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, and 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.<br /><br />Our lead proprietary ADC, SGN-35, is in a phase I clinical trial, and a number of our collaborators continue to make advances with their programs utilizing our technology, commented Clay Siegall, president and CEO of Seattle Genetics. <br /><br />Seattle Genetics has generated more than $55 million through technology-licensing transactions, primarily from its ADC deals with Genentech, CuraGen, Progenics, Bayer and MedImmune. The company also has a co-development agreement with Agensys under which the parties will develop up to two ADCs incorporating fully human antibodies aimed at solid tumors.</p>