Seattle Genetics Receives $12 Million in Astellas Partnership Deal

Finance World News Update by EQUITIES Magazine

Beverly Hills 11/23/2009 05:07 PM GMT (TransWorldNews)

Seattle Genetics Inc. said it will be getting $12 million, in addition to an option for cost and profit sharing on a third program using the ADC technology, as part of an expanded partnership with Astellas unit, Agensys Inc. In turn, Agensys will receive exclusive rights to technology aimed at developing cancer treatments.

Partners since 2007, the companies are focusing on developing cancer treatments. If all the additional ADC programs are successful, Seattle Genetics will be eligible to receive up to $250 million in development milestones and $100 million in sales milestones.

In morning trading, shares of Seattle Genetics rose 10 cents to $9.40.

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