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Seattle Genetics licenses tech to Daiichi Sankyo

By Associated Press
July 8, 2008 | Comments (0)

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Biotechnology company Seattle Genetics Inc. said Tuesday it licensed tumor-fighting technology to Japan's Daiichi Sankyo Co. for $4 million, plus future milestone and royalty payments.

Under terms of the deal, Daiichi will be responsible for research, development and eventual marketing of products that come from the cancer treatment program.

Seattle Genetics will receive $4 million upfront plus material supply and annual maintenance fees, and research support payments. It is also entitled to future milestone and royalty payments.

Shares of Seattle Genetics rose 17 cents, or 2.2 percent, $8.09 in morning trading. The stock has traded between $7.20 and $13.44 over the last 52 weeks.

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