Seattle, Bayer in ADC deal

Seattle Genetics Inc. (NASDAQ:SGEN) granted the Bayer Healthcare LLC subsidiary of Bayer AG (Xetra:BAYN) worldwide rights to use Seattle's auristatin-based antibody-drug conjugate (ADC) technology with undisclosed antibodies to multiple undisclosed cancer targets. Seattle Genetics is eligible to receive up to $20 million in an undisclosed upfront payment and option exercise fees. The company also is eligible to receive up to $500 million in milestones, plus single-digit royalties on net sales of any resulting product. Bayer is responsible for worldwide development and commercialization of any products. ...