Seattle Genetics reaches milestone in Progenics deal

Seattle Genetics has achieved a milestone under its collaboration with fellow-US firm Progenics Pharmaceuticals, triggered by the initiation of a Phase I trial with its prostate-specific membrane antigen-targeted antibody-drug conjugate for patients with hormone-refractory prostate cancer.

Under the agreement, Progenics has exclusive rights to use Seattle Genetics' ADC technology with monoclonal antibodies that target PSMA. Seattle Genetics received an upfront fee and Progenics pays ongoing technology access and material supply fees. Progenics has also agreed to make progress-dependent milestone payments and pay royalties on net sales of ADC products. Progenics is responsible for research, product development, manufacturing and commercialization of any products resulting from the collaboration.

"This is the fourth product utilizing Seattle Genetics' ADC technology to enter clinical trials, reflecting continued progress by us and our collaborators in advancing ADCs for unmet medical needs in both hematologic malignancies and solid tumors," said Eric Dobmeier, chief business officer of Seattle Genetics.