Seattle Genetics gets $12 million in Astellas deal

AP News
Posted: Nov 23, 2009 11:12 AM

Seattle Genetics Inc. said Monday it will receive $12 million as part of an expanded collaboration with Astellas unit Agensys Inc.

Under the deal, Agensys will receive exclusive rights to technology aimed at developing cancer treatments. Seattle Genetics receives an option for cost and profit sharing on a third program using the ADC technology.

The companies have been partners since 2007, focusing on developing cancer treatments. Seattle Genetics is now eligible to receive up to $250 million in development milestones and $100 million in sales milestones if all the additional ADC programs are successful.

Shares of Seattle Genetics rose 10 cents to $9.40 in morning trading.