- Additional collaboration combines
Genmab’s proprietary antibodies and Seattle Genetics’ ADC
technology
- New ADC program will target AXL
expressed on multiple tumor types
Seattle Genetics, Inc. (Nasdaq: SGEN) and Genmab A/S (OMX: GEN)
today announced that the companies have entered into an additional
antibody-drug conjugate (ADC) collaboration. Under the new
agreement, Genmab will pay an upfront fee of $11 million for
exclusive rights to utilize Seattle Genetics’ auristatin-based ADC
technology with Genmab’s HuMax®-AXL, an antibody targeting AXL
which is expressed on multiple types of solid cancers. Seattle
Genetics is also entitled to receive more than $200 million in
potential milestone payments and mid-to-high single digit royalties
on worldwide net sales of any resulting products. In addition,
prior to Genmab’s initiation of a Phase III study for any resulting
products, Seattle Genetics has the right to exercise an option to
increase the royalties to double digits in exchange for a reduction
of the milestone payments owed by Genmab. Irrespective of any
exercise of option, Genmab remains in full control of development
and commercialization.
“This collaboration with Genmab further extends the reach of our
industry-leading ADC technology for use with novel oncology
targets, while providing us with a compelling financial value
proposition as the program advances,” said Natasha Hernday, Vice
President, Corporate Development at Seattle Genetics. “Genmab’s
impressive track record in the development of antibody-based
therapies for the treatment of cancer, including an ADC in a Phase
I clinical trial for solid tumors utilizing Seattle Genetics
technology from our first agreement, make them a strong partner for
this new collaboration.”
“This new collaboration with Seattle Genetics adds another ADC
program to our innovative pre-clinical pipeline of antibodies
developed using the latest technological advances in cancer
therapeutics. Pre-clinical work identified AXL as an excellent
target for an ADC therapeutic approach,” said Jan van de Winkel,
Ph.D., Chief Executive Officer of Genmab. “Accessing state-of-the
art technology of companies such as Seattle Genetics who are
experts in their field provides another means for Genmab to develop
differentiated cancer therapeutics while retaining maximal
ownership of our therapeutic products.”
Seattle Genetics and Genmab entered into an ADC collaboration
for HuMax-TF-ADC in September 2010. HuMax-TF-ADC, targeting the
Tissue Factor antigen, is in a Phase I trial for solid tumors.
Seattle Genetics has the right to exercise a co-development option
to share all future costs and profits for HuMax-TF-ADC at the end
of Phase I.
Today's news will not impact Genmab's 2014 financial
guidance.
About HuMax-AXL-ADC
HuMax-AXL-ADC is an antibody-drug conjugate (ADC) combining a
high affinity human monoclonal antibody against AXL with Seattle
Genetics’ clinically validated cytotoxic drug. AXL is a signaling
molecule involved in multiple processes of tumor development and
progression. The target molecule is highly expressed on a variety
of solid cancers.
About Antibody-Drug Conjugates (ADCs)
ADCs are monoclonal antibodies that are designed to selectively
deliver cytotoxic agents to tumor cells. This approach is intended
to spare non-targeted cells and reduce many of the toxic effects of
traditional chemotherapy while enhancing antitumor activity. With
15 years of experience and knowledge in ADC innovation, Seattle
Genetics has developed proprietary technology employing synthetic
cytotoxic agents, such as monomethyl auristatin E (MMAE),
monomethyl auristatin F (MMAF) and pyrrolobenzodiazepine (PBD)
dimer, and stable linker systems that attach these cytotoxic agents
to the antibody. Of the roughly 40 ADCs in clinical development,
more than 60 percent utilize Seattle Genetics’ proprietary ADC
technology.
About Seattle Genetics
Seattle Genetics is a biotechnology company focused on the
development and commercialization of innovative antibody-based
therapies for the treatment of cancer. Seattle Genetics is leading
the field in developing antibody-drug conjugates (ADCs), a
technology designed to harness the targeting ability of antibodies
to deliver cell-killing agents directly to cancer cells. The
company’s lead product, ADCETRIS® (brentuximab vedotin) is an ADC
that, in collaboration with Takeda Pharmaceutical Company Limited,
is commercially available for two indications in more than 40
countries, including the U.S., Canada, Japan and members of the
European Union. Additionally, ADCETRIS is being evaluated broadly
in more than 30 ongoing clinical trials. Seattle Genetics is also
advancing a robust pipeline of clinical-stage ADC programs,
including SGN-CD19A, SGN-CD33A, SGN-LIV1A, SGN-CD70A, ASG-22ME and
ASG-15ME. Seattle Genetics has collaborations for its ADC
technology with a number of leading biotechnology and
pharmaceutical companies, including AbbVie, Agensys (an affiliate
of Astellas), Bayer, Genentech, GlaxoSmithKline and Pfizer. More
information can be found at www.seattlegenetics.com.
About Genmab A/S
Genmab is a publicly traded, international biotechnology company
specializing in the creation and development of differentiated
human antibody therapeutics for the treatment of cancer. Founded in
1999, the company currently has one marketed antibody, Arzerra®
(ofatumumab) for the treatment of certain chronic lymphocytic
leukemia indications, a clinical pipeline with both late and early
stage programs, and an innovative pre-clinical pipeline. Genmab's
technology base consists of validated and proprietary next
generation antibody technologies - the DuoBody® platform for
generation of bispecific antibodies, and the HexaBody™ platform
which creates effector function enhanced antibodies. Genmab's deep
antibody expertise is expected to provide a stream of future
product candidates. Partnering of selected innovative product
candidates and technologies is a key focus of Genmab's strategy and
the company has alliances with top tier pharmaceutical and
biotechnology companies. For more information visit
www.genmab.com.
For Seattle Genetics:
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to the therapeutic
potential and future clinical progress, regulatory approval and
commercial launch of products utilizing Seattle Genetics’ ADC
technology or the receipt of potential milestones and royalties
related to those products. Actual results or developments may
differ materially from those projected or implied in these
forward-looking statements. Factors that may cause such a
difference include risks related to adverse clinical results as our
product candidates or our collaborators’ product candidates move
into and advance in clinical trials, risks inherent in early stage
development and failure by Seattle Genetics to secure or maintain
relationships with collaborators. More information about the risks
and uncertainties faced by Seattle Genetics is contained in the
Company’s quarterly report on Form 10-Q for the quarter ended June
30, 2014 filed with the Securities and Exchange Commission. Seattle
Genetics disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Forward Looking Statement for Genmab
This Company Announcement contains forward looking statements.
The words “believe”, “expect”, “anticipate”, “intend” and “plan”
and similar expressions identify forward looking statements. Actual
results or performance may differ materially from any future
results or performance expressed or implied by such statements. The
important factors that could cause our actual results or
performance to differ materially include, among others, risks
associated with pre-clinical and clinical development of products,
uncertainties related to the outcome and conduct of clinical trials
including unforeseen safety issues, uncertainties related to
product manufacturing, the lack of market acceptance of our
products, our inability to manage growth, the competitive
environment in relation to our business area and markets, our
inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and
proprietary rights, our relationships with affiliated entities,
changes and developments in technology which may render our
products obsolete, and other factors. For a further discussion of
these risks, please refer to the risk management sections in
Genmab’s most recent financial reports, which are available on
www.genmab.com. Genmab does not undertake any obligation to update
or revise forward looking statements in this Company Announcement
nor to confirm such statements in relation to actual results,
unless required by law.
Genmab A/S and its subsidiaries own the following trademarks:
Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the
Y-shaped Genmab logo™; the DuoBody logo™; the HexaBody logo™;
HuMax®; HuMax-CD20®; DuoBody®; HexaBody™ and UniBody®. Arzerra® is
a registered trademark of the GSK group of companies.
Seattle GeneticsInvestors:Peggy Pinkston(425)
527-4160ppinkston@seagen.comorMedia:Tricia Larson(425)
527-4180tlarson@seagen.comorGenmabRachel Curtis Gravesen, Senior
Vice President, Investor Relations & CommunicationsT: +45 33 44
77 20M: +45 25 12 62 60E: r.gravesen@genmab.com
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From Apr 2024 to May 2024
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From May 2023 to May 2024