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AbbVie (ABBV) Wagers Up To $280 Million On Seattle Genetics, Inc. (SGEN) Collaboration


1/8/2014 9:13:21 AM

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BOTHELL, Wash.--(BUSINESS WIRE)--January 08, 2014-- Seattle Genetics, Inc. (Nasdaq: SGEN) today announced that it has further expanded its antibody-drug conjugate (ADC) collaboration with AbbVie (NYSE: ABBV). Under the expanded deal, AbbVie will pay an upfront fee of $25 million for additional rights to utilize Seattle Genetics' ADC technology with AbbVie antibodies against oncology targets, including access to Seattle Genetics' pyrrolobenzodiazepine (PBD) dimer ADC technology and EC-mAb site-specific conjugation technology. In addition, Seattle Genetics could receive up to approximately $255 million in potential license fees and milestone payments per target, upon achieving predetermined development and commercial objectives, as well as mid-to-high single-digit royalties on worldwide net sales of any resulting products.

"Seattle Genetics continues to advance the field of ADCs through the development and optimization of innovative approaches to empowering antibodies, such as our proprietary EC-mAb and potent PBD-based ADC technologies, both of which are utilized in our pipeline programs SGN-CD33A and SGN-CD70A," said Natasha Hernday, Vice President, Corporate Development at Seattle Genetics. "By collaborating with companies such as AbbVie, we are expanding the reach of our ADC technology advancements to make novel targeted therapies available for cancer patients."

Prior to its spinoff of AbbVie, Abbott made an upfront payment of $8 million to enter into an original ADC deal with Seattle Genetics in March 2011, and paid an additional $25 million to expand the collaboration in October 2012. AbbVie is responsible for research, product development, manufacturing and commercialization of any ADC products under the collaboration. In addition to the upfront payment and potential milestone payments and royalties, Seattle Genetics will receive annual maintenance fees and research support payments for assistance provided to AbbVie in developing ADCs.

ADCs are monoclonal antibodies that are designed to selectively deliver cytotoxic agents to tumor cells, resulting in targeted cell death. Seattle Genetics' linker systems are designed to be stable in the bloodstream and release the potent cell-killing agent once inside targeted cancer cells. This approach is intended to spare non-targeted cells and thus reduce many of the toxic effects of traditional chemotherapy while enhancing antitumor activity. With 15 years of experience and knowledge in ADC innovation, Seattle Genetics has developed proprietary technology employing synthetic cytotoxic agents, such as monomethyl auristatin E (MMAE), monomethyl auristatin F (MMAF) and PBD dimers, and stable linker systems that attach these cytotoxic agents to the antibody. Of the approximately 30 ADC candidates in clinical development, more than 18 utilize Seattle Genetics' proprietary ADC technology.

About Seattle Genetics

Seattle Genetics is a biotechnology company focused on the development and commercialization of innovative antibody-based therapies for the treatment of cancer. Seattle Genetics is leading the field in developing antibody-drug conjugates (ADCs), a technology designed to harness the targeting ability of antibodies to deliver cell-killing agents directly to cancer cells. The company's lead product, ADCETRIS(R) (brentuximab vedotin) is an ADC that, in collaboration with Takeda Pharmaceutical Company Limited, has been approved for two indications in more than 35 countries, including the U.S., Canada and members of the European Union. Additionally, ADCETRIS is being evaluated broadly in more than 20 ongoing clinical trials. Seattle Genetics is also advancing a robust pipeline of clinical-stage ADC programs, including SGN-CD19A, SGN-CD33A, SGN-LIV1A, ASG-22ME and ASG-15ME. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including AbbVie, Agensys (an affiliate of Astellas), Bayer, Genentech, GlaxoSmithKline and Pfizer. More information can be found at www.seattlegenetics.com.

Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the therapeutic potential and future clinical progress, regulatory approval and commercial launch of products utilizing Seattle Genetics' ADC technology or the receipt of potential milestones and royalties related to those products. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks related to adverse clinical results as our product candidates or our collaborators' product candidates move into and advance in clinical trials, risks inherent in early stage development and failure by Seattle Genetics to secure or maintain relationships with collaborators. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2013 filed with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Seattle Genetics, Inc.

Investors:

Peggy Pinkston, 425-527-4160

ppinkston@seagen.com

or

Media:

Tricia Larson, 425-527-4180

tlarson@seagen.com

SOURCE: Seattle Genetics, Inc.

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