Seattle Genetics, the Bothell, WA-based developer of antibody drugs for cancer, said today it has secured $12 million in upfront payments from GlaxoSmithKline in exchange for technology that links antibodies to toxins that make them more potent. Seattle Genetics stands to receive $390 million of milestones if all of the antibody-drug conjugates GlaxoSmithKline is developing reach the marketplace, plus a mid-single digit percentage royalty of worldwide sales. Seattle Genetics (NASDAQ: [[ticker:SGEN]]) now has nine separate licenses with other companies using its antibody-drug linking technology, who have paid $35 million for those rights this year.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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