Seattle Genetics gets $20 million milestone from Takeda
US biotech firm Seattle Genetics (Nasdaq: SGEN) says it will receive a one-time $20 million milestone payment under its Adcetris (brentuximab vedotin) collaboration with Takeda Pharmaceutical (TYO: 4502), Japan’s largest drugmaker. Seattle Genetics’ share gained nearly 5.7% to $34.14 on the news.
The milestone was triggered by Takeda surpassing annual Adcetris net sales of $200 million in its territory during 2015. The milestone will be recognized as royalty revenue in the first quarter of 2016. In addition, the company announced that the European Commission recently approved a Type II variation that includes data on the retreatment of adult patients with relapsed or refractory (R/R) Hodgkin lymphoma or R/R systemic anaplastic large cell lymphoma (sALCL) who previously responded to Adcetris and who later relapse. The label update follows a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in October 2015.
Adcetris expected to continue as market leader, despite coming competition
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