Market Report -- In Play (SGEN)

November 23, 2009 9:00 AM ET

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Seattle Genetics and Agensys, an Affiliate of Astellas, Expand Antibody-Drug Conjugate Collaboration Co announces an expansion of the companies' antibody-drug conjugate collaboration. Under the amended agreement, Agensys will pay a $12 mln fee for exclusive rights to ADC licenses against additional antigen targets. Seattle Genetics also receives an option to co-develop another ADC at the time of investigational new drug submission. Under the expanded collaboration, Agensys receives the right to obtain exclusive ADC licenses for multiple additional targets in exchange for payment of the upfront fee. Seattle Genetics also receives an option for 50:50 cost and profit-sharing of a third ADC program at IND filing. The remaining ADC programs will be developed and commercialized exclusively by Agensys. Seattle Genetics is entitled to progress-dependent fees, milestone payments and mid-single digit royalties on worldwide net sales of ADC products developed and commercialized solely by Agensys. Under the terms of the amendment, Seattle Genetics is eligible to receive up to $250 mln in development milestones and $100 million in sales milestones if all of the additional ADC programs are successful.

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