Millennium expands antibody-drug conjugate collaboration with Seattle Genetics

The USA’s Seattle Genetics (Nasdaq: SGEN) says that Millennium, a wholly-owned US subsidiary of Japan’s largest drugmaker Takeda Pharmaceutical (TSE: 4502), has paid an undisclosed fee to exercise an option to designate a second antigen target under their existing antibody-drug conjugate (ADC) collaboration.

The companies entered into their first collaboration in April 2009, at which time Millennium obtained an exclusive ADC license to an initial antigen expressed on solid tumors as well as two options for exclusive licenses to additional targets. Under the deal, Seattle Genetics received $60 million upfront, development funds and a schedule of milestones that could total more than $230 million from Millennium.

"This expansion of our ADC collaboration demonstrates Millennium's continuing commitment to our ADC technology," stated Eric Dobmeier, chief business officer of Seattle Genetics. "We currently have 10 ongoing ADC collaborations and have generated nearly $150 million from ADC licensing deals to date. In addition, there are 11 ADCs in clinical development utilizing Seattle Genetics' technology," he added.