Seattle Genetics, AbbVie again expand antibody deal

AbbVie Inc. (NYSE:ABBV) will pay Seattle Genetics Inc. (NASDAQ:SGEN) $25 million up front for additional rights to use Seattle Genetics' antibody-drug conjugate (ADC) technology with AbbVie antibodies under an expanded 2011 deal. AbbVie added additional cancer targets to the deal and will also now have access to Seattle Genetics' pyrrolobenzodiazepine (PBD) dimer ADC technology and EC-mAb site-specific conjugation technology. Seattle Genetics is now eligible for up to $255 million in license fees and development and commercialization milestones per target, plus mid-to-high single-digit royalties. AbbVie is responsible for research, development and commercialization of any resulting ADC products.

Under the original deal, Seattle Genetics granted rights to its technologies to Abbott Laboratories (NYSE:ABT) for a single undisclosed target. The companies expanded the deal in October 2012 to include additional cancer targets. Seattle Genetics was eligible for up to $200 million in milestones under the original deal and up to $225 million in milestones under the 2012 expansion. Abbott spun out its pharmaceutical business into AbbVie last year (see BioCentury Extra, Oct. 23, 2012). ...