Seattle Genetics, Inc. has announced that MedImmune, Inc. has exercised its option to obtain an exclusive license to a second antigen target under the parties’ existing antibody-drug conjugate (ADC) collaboration, triggering a $1.5 million payment to Seattle Genetics.
Seattle Genetics’ ADC technology empowers antibodies by linking them to potent drug payloads. The company’s technology employs synthetic, highly potent drugs that are bound to monoclonal antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells from the toxic effects of traditional chemotherapy.
“MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target,” said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. “Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated.”
Seattle Genetics and MedImmune entered into the ADC collaboration in April 2005 to provide MedImmune with access to Seattle Genetics’ ADC technology for antibodies targeting up to two antigens.
Under the terms of the collaboration, MedImmune paid an upfront fee of $2.0 million for the first target and obtained an option to license a second antigen for an additional fee of $1.5 million.
MedImmune has also agreed to pay ongoing technology access fees, progress-dependent milestone payments and royalties on net sales of ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of product candidates under the collaboration.