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Seattle Genetics gets milestone payment

By Associated Press
June 18, 2008 | Comments (0)

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Biotechnology company Seattle Genetics Inc. said Wednesday that it received a milestone payment from Genentech Inc. after that company filed an investigational new drug application for an antibody-drug conjugate using Seattle Genetics technology.

The amount of the payment was not disclosed.

Under a collaboration agreement, Genentech has the right to use Seattle Genetics' antibody drug-conjugates, which are attached to drugs to make them more potent.

The milestone is the second Seattle Genetics received from Genentech this year. In January, Seattle Genetics received a $4 million payment after Genentech started an early stage trial of its cancer drug Rituxan with Seattle Genetics' SGN-40 for non-Hodgkin lymphoma.

Seattle Genetics shares were unchanged at $8.99 shortly after the opening bell. Genentech shares lost 47 cents to $74.70.

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