ADC technology focus of new Seattle Genetics, Abbott collaboration
BOTHELL, Wash.óAbbott Laboratories and Seattle Genetics Inc. have entered into a collaboration based on Seattle Genetics' antibody-drug conjugate (ADC) technology. Per the agreement, Abbott will pay $8 million upfront for the rights to utilize the ADC technology with antibodies to a single oncology target. The research, product development, manufacturing and commercialization of any ADC products resulting from the collaboration are Abbott's responsibility. If certain regulatory, development and commercial milestones are met, Seattle Genetics is eligible to receive up to about $200 million in milestone payments from Abbott, in addition to royalties on worldwide net sales of any ADC products that are developed. Abbott will also pay Seattle Genetics annual maintenance fees and research support payments for assistance provided during the collaboration. Eric Dobmeier, Seattle Genetics' chief business officer, says the collaboration illustrates "the important role that our ADC technology is poised to play in the treatment of many types of cancer."