Seattle Genetics gets $1.5 million payment from MedImmune under license pact |
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Wed, 31 Oct 2007 14:26
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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 Rizkcr/tk1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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