The collaboration will encompass combinations of Seattle Genetics’ ADC technology with antibodies developed by Agensys to proprietary cancer targets.
Under the terms of the multi-year agreement, Seattle Genetics and Agensys will jointly screen and select ADC products to an initial target that has already been selected, co-fund all preclinical and clinical development and share equally in any profits.
Agensys will also conduct further preclinical studies aimed at identifying ADC products to up to three additional targets. Seattle Genetics has the right to exercise a co-development option on one of these additional ADC products at IND filing on the same 50:50 cost and profit-sharing basis.
Seattle Genetics would receive fees, milestones and royalties on ADC products developed and commercialized solely by Agensys. Either party may opt out of co-development and profit-sharing in return for receiving milestones and royalties from the continuing party.
“Seattle Genetics’ industry-leading ADC technology has the potential to combine with Agensys’ antibodies to proprietary targets to form potent anti-cancer drugs,” said Dr. Donald B. Rice, Chairman, President and CEO of Agensys.
“This collaboration leverages complementary strengths of the two companies and continues Agensys’ strategy of pursuing multiple product opportunities with selected partners,” said Rice.
“Agensys’ portfolio of cancer targets and capabilities in generating and developing antibodies combined with Seattle Genetics’ proprietary ADC technology provides both companies with potential product opportunities across a variety of cancers, in particular for solid tumors where ADCs may provide the strong potency necessary to treat these aggressive diseases,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics.
“An important aspect of the deal structure is our participation in product rights for up to two ADC programs, which underscores increasing recognition of the therapeutic potential and value of our ADC technology.”