Seattle Genetics (NASDAQ: [[ticker:SGEN]]), said today it will get an $8 million upfront payment from Abbott Laboratories in exchange for the right to use technology that links targeted antibodies to toxins that make them more potent drugs. Abbott (NYSE: [[ticker:ABT]]) has gotten a license to use the Seattle Genetics technology against one molecular target on cancer cells. Seattle Genetics is eligible to receive as much as $200 million in milestone payments through the deal, plus royalties on product sales. Seattle Genetics now has licensed its antibody linking technology to 11 different organizations.
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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