9:01AM Seattle Genetics announces antibody-drug conjugate collaboration with Abbott; SGEN to receive $8 mln upfront payment (SGEN) 14.55 : Co announced that it has entered into a collaboration agreement with Abbott (ABT) under which Abbott will pay an upfront fee of $8 mln for rights to utilize Seattle Genetics' antibody-drug conjugate technology with antibodies to a single oncology target. Seattle Genetics is eligible to receive from Abbott up to approximately $200 mln in milestone payments, as well as royalties on worldwide net sales of any resulting ADC products. Seattle Genetics also will receive annual maintenance fees and research support payments for assistance provided to Abbott under the collaboration.
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