Seattle Genetics Inc. (SGEN) announced that it has entered into a collaboration agreement with GlaxoSmithKline Plc (GSK,GSK.L) under which GSK will pay an upfront fee of $12 million for rights to utilize Seattle Genetics' antibody-drug conjugate or ADC technology with multiple antigens to be named by GSK.
Seattle Genetics said that GSK is responsible for research, product development, manufacturing and commercialization of all ADC products under the collaboration. Seattle Genetics is eligible to receive from GSK up to $390 million in milestones if all ADCs in the collaboration are commercialized as well as mid-single digit royalties on worldwide net sales of any resulting ADC products.
Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments for assistance provided to GSK under the collaboration.
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