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Jan 8, 2008

Seattle Genetics Earns $4M Milestone Fee from Genentech

  • Seattle Genetics will receive a $4 million milestone payment from Genentech as a result of Genentech initiating a Phase Ib trial of SGN-40. The study will investigate the compound in combination with Rituxan® in patients with relapsed follicular or marginal zone non-Hodgkin's lymphoma.

    The deal related to SGN-40 was inked in January 2007. Seattle Genetics received an upfront payment of $60 million and is entitled to get potential milestone fees exceeding $800 million and escalating double-digit royalties starting in the mid-teens.

    “Preclinical data suggests that the combination of SGN-40 and Rituxan may have enhanced activity compared to either agent alone in multiple models of non-Hodgkin's lymphoma, providing support for testing this combination in the clinical setting,” notes Thomas C. Reynolds, M.D., Ph.D., CMO of Seattle Genetics.

    “In collaboration with Genentech, we are conducting a joint development plan for SGN-40, a humanized monoclonal antibody, that includes six ongoing or planned clinical trials of SGN-40 both as a single agent and combined with standard therapies for non-Hodgkin's lymphoma and multiple myeloma.”


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