Genentech Seattle Genetics Agreement
Seattle Genetics has generated approximately US$120 million through ADC technology licensing agreements with leading biotechnology and pharmacy companies. ADCs use the target capability of monoclonal antibodies to provide powerful payloads to certain cells. Seattle Genetics` proprietary technology uses synthetic and highly effective drugs, which are attached to antibodies by stable left-handed systems. Linkers are designed in such a way that the drug payload is released only under certain conditions, as soon as they are inside the target cells, allowing non-target cells to avoid many of the toxic effects of traditional chemotherapy. BOTHELL, Wash., 20.04.2010 (BUSINESS WIRE) –Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that Genentech, Inc., a 100% member of roche Group (SIX: RO, ROG); OTCQX: RHHBY) will pay $9.5 million to renew exclusive licenses for specific purposes and extend the research period under the existing cooperation agreement between the parties` anti-anti-antibody consortium (ADC). Under the agreement, Genentech has the right to use Seattle Genetics` ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and marketing. Seattle Genetics has the right to obtain fees, milestone payments based on progress and royalties for the net sale of all resulting ADC products. Seattle Genetics has entered into cooperation agreements with Takeda Oncology Company (formerly Millennium) to develop and commercialize Brentuximab Vedotin.
The company has also entered into cooperation agreements for its ADC technology with a number of biotechnology and pharmacy companies, including AbbVie, Bayer Celldex Therapeutics, Inc., Daiichi Sankyo, Genentech, Inc., GlaxoSmithKline, Pfizer, Inc. and PSMA Development Company LLC, as well as cooperation agreements with ADC with Agensys, Inc., a subsidiary of Astellas Pharma and Oxford BioTherapeutics Ltd. As part of the cooperation agreement , the effective date of the termination is set at 180 days from the notification date, or June 8, 2010, on that date all rights to the Dacetuzumab will be returned to Seattle Genetics. Genentech remains responsible for funding the development costs associated with the completion of all ongoing clinical trials for dacetuzumab from the effective date of termination. Dacetuzumab is currently being evaluated in four ongoing Phase Ib clinical studies, in combination with standard treatments in patients with recurrent or refractory non-Hodgkin lymphoma and multiple myeloma. Seattle Genetics` collaboration with Genentech with the antibody conjugate (ADC) is not affected by this interruption. Seattle Genetics is a biotechnology company focused on the development and commercialization of antibody-based monoclonal therapies for the treatment of cancer. The U.S. Food and Drug Administration granted the adCETRIS an expedited authorization for two indications in August 2011. ADCETRIS is developed in collaboration with Millennium: The Takeda Oncology Company. In addition, Seattle Genetics has three other ADC programs at the clinical stage: SGN-75, ASG-5ME and ASG-22ME. Seattle Genetics collaborates on its ADC technology with several leading pharmaceutical and biotechnology companies, including Abbott, Agensys (a subsidiary of Astellas), Bayer, Celldex Therapeutics, Daiichi Sankyo, Genentech, GlaxoSmithKline, Millennium, Pfizer and Progenics, as well as ADC cooperation agreements with Agensys and Genmab. For more information, see www.seattlegenetics.com.
SEATTLE-(BUSINESS WIRE)–Seattle Genetics, Inc. (Nasdaq: SGEN) said today that genentech, a 100% member of the Roche Group (SIX: RO, ROG); OTCQX: RHHBY) that Genentech has decided to terminate the business cooperation agreement for Dacetuzumab (SGN-40). Dacetuzumab is an anti-CD40 monoclonal antibody that has been studied in clinical studies for non-Hodgkin lymphoma and multiple myeloma.