Seattle Genetics, MedImmune Enter Antibody-Drug Conjugate Collaboration

Seattle Genetics has entered into an antibody-drug conjugate (ADC) collaboration with MedImmune.

MedImmune will pay an upfront fee of $2 million for rights to utilize Seattle Genetics' ADC technology with antibodies against a single tumor target that MedImmune has selected. MedImmune also has an option to pay an additional fee to access the ADC technology for a second proprietary antibody program.

Under the terms of the collaboration, MedImmune has agreed to make progress-dependent milestone payments and pay royalties on net sales of any resulting ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of all products under the collaboration. Seattle Genetics will receive material supply and annual maintenance fees as well as research support payments for any assistance provided to MedImmune in developing ADC products.