NEW YORK (Thomson Financial) - Seattle Genetics Inc. Wednesday said it will
receive $1.5 million from MedImmune Inc. for an exclusive license for a second
antigen target under the two companies' existing antibody-drug conjugate joint
venture.
Seattle Genetics' ADC technology employs synthetic drugs that are bound to
monoclocal antibodies that are designed to be stable in the bloodstream but to
release the drug only inside target cells - the technology spares non-target
cells from the toxic effects of chemotherapy.
The two companies entered into their ADC collaboration in April 2005.
MedImmune paid Seattle Genetics $2 million for access to Seattle Genetics
technology for antibodies targeting one antigen, the company said. The agreement
extension now gives MedImmune access to antibody technology for a second
antigen.
MedImmune has also agreed to pay ongoing access fees, milestone payments and
royalties on net sales of ADC products.
Shares of Seattle Genetics gained 0.9% to $12.06. Shares of AstraZeneca,
which completed its acquisition of MedImmune in June, slipped 2 cents to $48.73.
Christie Rizk
cr/tk1
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