Tuesday, April 20, 2010

Seattle Genetics Gets $9.5M From Genentech

Bothell-based Seattle Genetics, a biotechnology firm developing monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease, reported this morning that it will receive $9.5M in a payment from Genentech, as part of a deal to renew Genentech's exclusive license to technologies from the company. According to Seattle Genetics, the license covers use of its technology with antibodies against targets selected by Genentech. The deal also includes fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.