Seagen Inc (SGEN)

[mlkrborn]

Seattle Genetics enters into new antibody-drug conjugate collaboration with Bayer (BAYRY) (SGEN) 29.90 : Co announced that it has entered into a new antibody-drug conjugate collaboration with Bayer HealthCare (BAYRY). Under the latest relationship, Bayer will pay upfront and option exercise fees of up to $20 mln for worldwide rights to utilize Seattle Genetics' auristatin-based ADC technology with antibodies to several oncology targets. Seattle Genetics is also eligible to receive up to ~$500 mln in potential milestone payments, as well as royalties on worldwide net sales of any resulting products under the multi-target collaboration. Bayer is responsible for research, product development, manufacturing and commercialization of all products under the collaboration.