Seattle Genetics in deal with GSK for ADC worth up to $402 million

US biotechnology firm Seattle Genetics has secured an initial $12 million from UK drug giant GlaxoSmithKline under which GSK will acquire the rights to utilize the firm's antibody-drug conjugate (ADC) technology with multiple antigens to be named by GSK.

'By collaborating with leading companies such as GSK, we are broadening the reach of our proprietary ADC technology while also generating substantial non-dilutive capital for Seattle Genetics,' said Eric Dobmeier, chief business officer of Seattle Genetics. 'We now have nine ADC licensees and we have generated more than $35 million during 2009 from new and ongoing ADC collaborations,' he noted.

This is the second deal this month for Seattle Genetics, which recently licensed its brentuximab vedotin (SGN-35) to Japan's Takeda, for $60 million upfront and potential milestones of as much as $230 million (The Pharma Letter December 15).