Seattle Genetics just scored a potentially big licensing deal with Big Pharma. The Bothell biotech company announced a collaboration agreement with GlaxoSmithKline that will give Glaxo rights to use its antibody-drug conjugate technology.
As part of the deal, Seattle Genetics gets an upfront fee of $12 million and the potential to receive $390 million in milestones if all Glaxo's antibody-drug candidates are successfully commercialized. The biotech company will also get "mid-single digit royalties" on worldwide sales of any resulting products.
Seattle Genetics will also receive "material supply and annual maintenance fees as well as research support payments" from London-based Glaxo, the company said in a statement.
Earlier this month, Seattle Genetics said it signed a cancer drug agreement with drug developer Millennium: The Takeda Oncology Co. that could be up to $365 million.