MedImmune exercised its exclusive license option to a second target, invoking the fee.
Seattle Genetics received a $1.5 million milestone payment from MedImmune through their antibody-drug conjugate (ADC) alliance. MedImmune’s exercise of its option to obtain an exclusive license to a second antigen target triggered the fee.
Seattle Genetics’ ADC technology links antibodies to potent drug payloads. The linkers are reportedly designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells.
“MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target,” said Eric L. Dobmeier, CBO of Seattle Genetics. “Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated.”
In April 2005, Seattle Genetics and MedImmune inked the ADC deal. MedImmune thus gained access to this platform for antibodies targeting up to two antigens. Besides the upfront $2 million and the current milestone payment, Seattle Genetics may also receive ongoing technology access and progress-dependent milestone fees as well as royalties on net sales of ADC products.