- Seattle Genetics (NASDAQ:SGEN +1.8%) and Denmark-based Genmab A/S collaborate on an antibody-drug conjugate for the potential treatment of solid tumors. Under the terms of the agreement, Genmab will pay SGEN an upfront fee of $11M for the exclusive rights to use its auristatin-based ADC technology with Genmab's HuMax-AXL antibody (expressed in multiple types of solid cancers). SGEN is eligible to receive up to $200M in potential milestone payments and mid-to-high single-digit royalties on net worldwide sales of any resulting products.
- Prior to the start of a Phase 3 clinical trial, SGEN has the option of increasing the royalties to double digits in exchange for a reduction in milestone payments.
- Genmab fully controls development and commercialization activities.