Genentech and Seattle Genetics Announce Agreement for SGN-40
More big deals in the pharmaceutical biotech arena. This time Genetech is fronting $60 million upfront and up to an additional $800 million in milestone payments to develop SGN-40 from Seattle Genetics.
Genentech, Seattle Genetics in deal
Genentech must have confidence in Seattle Genetics because they are allowing them to continue with phase I and II trials and will reimburse them the development costs. SGN-40 is a monoclonal antibody and the following is from the National Cancer Institute websit
A monoclonal antibody that binds to cells that have the CD40 antigen on their surface, including cells from multiple myeloma, non-Hodgkin’s lymphoma, and chronic lymphocytic leukemia. SGN-40 is being studied in the treatment of cancer. It belongs to the family of drugs called monoclonal antibodies.
Seattle Genetics has a web page on SGN-40 with a brief description. I think that Genetech may well have added a great product to their pipeline. However, I do have concern about the amount paid. It may be that milestones are stated such that the drug has to be outstanding before the full payments are made but in my experience, this is rarely the case. I have friends that work for Seattle Genetics so I do wish them the best with this project.
Technorati Tags: Genentech, Seattle Genetics, SGN-40
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