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Apr 6, 2009

Millennium Taps Seattle Genetics for Antibody-Drug Conjugate Development with $4M Up Front

  • Millennium: The Takeda Oncology Company is paying Seattle Genetics $4 million for an exclusive license to an antigen expressed on solid tumors. Under the terms of their worldwide collaboration for the development of antibody-drug conjugates (ADC), Millennium may also exercise options for exclusive rights to two more antigens with further fees.

    Millennium is responsible for research, development, manufacturing, and commercialization of all ADC products under the collaboration. Seattle Genetics will receive progress-dependent milestones and mid-single digit royalties on worldwide net sales. Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments for assistance provided.

    Seattle Genetics’ technology attaches synthetic, highly potent drugs to antibodies through stable linker systems. The linkers are designed to be stable in the bloodstream and release the drugs under specific conditions once inside targeted cells. This approach is intended to spare nontargeted cells and thus reduce the toxic effects of traditional chemotherapy.

    “Entering into ADC collaborations with worldclass oncology companies such as Millennium is part of our strategy to leverage our proprietary technology to enhance our product portfolio and bring nondilutive capital into the company,” comments Eric L. Dobmeier, CBO of Seattle Genetics. “To date, we have generated more than $75 million through ADC collaborations with leading biotechnology and pharmaceutical companies.” Partners include Daiichi Sankyo, Agensys, and MedImmune.



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