Seattle Genetics In-Licenses Anti-CD33 Antibody Program From PDL

Seattle Genetics has entered into a license agreement with Protein Design Labs (PDL) for exclusive rights to PDL's anti-CD33 program for both unconjugated antibody and antibody-drug conjugate (ADC) applications.

Under the license agreement, Seattle Genetics receives exclusive rights to PDL's anti-CD33 program and associated U.S. patents and patent applications, as well as supplies of clinical grade material and a nonexclusive CD33 license under PDL's antibody humanization patents.

PDL will receive an upfront fee, progress-dependent milestone payments and royalties on net sales of any resulting commercial products. In addition, Seattle Genetics has agreed to reduce the royalties payable by PDL with respect to a limited number of products that PDL may develop under the existing ADC collaboration between the two companies. The companies have also granted each other a co-development option for second generation anti-CD33 antibodies with improved therapeutic characteristics developed by either party. Further financial terms were not disclosed.