Seattle Genetics expands cancer drug collaboration with AbbVie

9 January 2014

US biotech firm Seattle Genetics (Nasdaq: SGEN) says it has further expanded its antibody-drug conjugate (ADC) collaboration with US drugmaker AbbVie (NYSE: ABBV). The news saw Seattle’s shares gain 2.6% to $41.04 on Wednesday (January 8).

Under the expanded deal, AbbVie will pay an upfront fee of $25 million for additional rights to utilize Seattle Genetics’ ADC technology with AbbVie antibodies against oncology targets, including access to Seattle Genetics’ pyrrolobenzodiazepine (PBD) dimer ADC technology and EC-MAb site-specific conjugation technology.

Potential license fees and milestones of $255 million

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