Seattle Genetics, Genentech expand deal

Seattle Genetics Inc. (NASDAQ:SGEN) added antigens to a 2002 deal that gave Genentech Inc. rights to use its antibody-drug conjugate (ADC) technology. Seattle Genetics will receive $12 million up front for the additional antigens, which will be chosen by Genentech. Genentech said it will focus on hematologic malignancies and solid tumors. Seattle Genetics is eligible for more than $900 million in milestones for ADCs developed in the expanded portion of the deal, plus mid-single digit royalties. The company remains eligible for more than $500 million in milestones from the original deal. ...