Biotechnology company Seattle Genetics Inc. (NASDAQ: SGEN) said Monday it will receive $12 million upfront as it licenses its cancer-fighting technology to GlaxoSmithKline (NYSE: GSK), according to Associated Press.
Seattle Genetic's antibody-drug conjugate (ADC) technology is aimed at targeting and killing specific cells, including cancer cells. The company is eligible for up to $390 Million in milestone payments and royalties.
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Seattle Genetics said it now has more than nine licensing deals for its technology.
GSK is responsible for research, product development, manufacturing and commercialization of all ADC products under the collaboration. Seattle Genetics is eligible to receive from GSK up to $390 million in milestones if all ADCs in the collaboration are commercialized as well as mid-single digit royalties on worldwide net sales of any resulting ADC products.
Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments for assistance provided to GSK under the collaboration, according to Business Wire.
The company's shares rose 28 cents, or 3.1 percent, to $9.45 in morning trading.
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