Seattle Genetics, the developer of targeted cancer drugs in Bothell, WA, said today that Genentech, the U.S. unit of Roche, has agreed to pay $9.5 million to extend a licensing agreement between the two companies. Genentech has renewed its right to develop what are called “empowered antibodies” in which an antibody is made to zero in on a certain target on cells, and is linked to a more potent cell-killing agent. Genentech will pay the expenses of developing and marketing the drugs, while Seattle Genetics (NASDAQ: [[ticker:SGEN]]) will receive fees, milestone payments, and royalties on sales if they become FDA-approved products.
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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