Seattle Genetics Achieves Milestone Payment Under Antibody-Drug Conjugate Collaboration with GlaxoSmithKline Triggered by BLE...
August 06 2020 - 8:00AM
Business Wire
-Approval of ADC Utilizing Seattle Genetics’
Proprietary Technology Generates $20 Million Milestone Payment and
Future Royalties on Worldwide Net Sales-
Seattle Genetics, Inc. (Nasdaq:SGEN) today announced U.S. Food
and Drug Administration (FDA) approval of GlaxoSmithKline’s (GSK)
BLENREP™ (belantamab mafodotin-blmf), an antibody-drug conjugate
(ADC) targeting B-cell maturation antigen (BCMA) that utilizes
Seattle Genetics’ proprietary technology. BLENREP was developed and
will be commercialized by GSK. The approval triggers a $20 million
milestone payment and entitles Seattle Genetics to royalties on
BLENREP product sales. BLENREP was approved for the treatment of
patients with relapsed or refractory multiple myeloma who have
received at least four prior therapies including an anti-CD38
monoclonal antibody, a proteasome inhibitor and an immunomodulatory
agent.
“BLENREP is the first BCMA-targeted treatment to be approved by
FDA, becoming another first-in-class medicine utilizing our ADC
technology for the treatment of patients with cancer,” said Clay
Siegall, Ph.D., President and Chief Executive Officer of Seattle
Genetics. “Notably, this ADC uses our novel mafodotin cell-killing
payload. There are now multiple drugs approved by FDA using our ADC
technology, and each addresses an important unmet medical
need.”
In July 2020, the Committee for Medicinal Products for Human Use
of the European Medicines Agency adopted a positive opinion
recommending the approval of belantamab mafodotin as monotherapy
for the treatment of multiple myeloma in adult patients, who have
received at least four prior therapies and whose disease is
refractory to at least one proteasome inhibitor, one
immunomodulatory agent, and an anti-CD38 monoclonal antibody, and
who have demonstrated disease progression on the last therapy. The
CHMP positive opinion is one of the final steps before marketing
authorisation is granted by the European Commission, which has the
authority to approve medicines for use throughout the European
Union.
Seattle Genetics’ ADC technology combines the specificity of
monoclonal antibodies, innovative linker systems and potent
cell-killing agents to treat cancer. The technology has been
licensed to several companies. Under the terms of these agreements,
each licensee company has rights to use the technology with
antibodies against specified targets. The licensee is responsible
for research, product development, manufacturing and
commercialization. Seattle Genetics is entitled to receive fees,
progress-dependent milestone payments and royalties on worldwide
net sales of any resulting ADC products.
About Seattle Genetics
Seattle Genetics, Inc. is a global biotechnology company that
discovers, develops and commercializes transformative cancer
medicines to make a meaningful difference in people’s lives.
ADCETRIS® (brentuximab vedotin) and PADCEV® (enfortumab
vedotin-ejfv) use the Company’s industry-leading antibody-drug
conjugate (ADC) technology. ADCETRIS is approved in certain
CD30-expressing lymphomas, and PADCEV is approved in certain
metastatic urothelial cancers. TUKYSATM (tucatinib), a small
molecule tyrosine kinase inhibitor, is approved in certain
HER2-positive metastatic breast cancers. The Company is
headquartered in the Seattle, Washington area, with locations in
California, Switzerland and the European Union. For more
information on our robust pipeline, visit www.seattlegenetics.com and follow @SeattleGenetics on Twitter.
Forward-Looking Statements
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to anticipated
milestone payments, fees, and royalties due to the company from GSK
and other licensees, the therapeutic uses of BLENREP, the
importance of ADCs in treating cancer and the company’s leadership
in the field of ADCs. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements due to factors such as unanticipated delays in or other
obstacles to the development or commercialization of ADCs subject
to these license agreements and the receipt by the Company of
consideration from the subject ADC licenses. More information about
the risks and uncertainties faced by the Company is contained under
the caption “Risk Factors” included in the company’s Quarterly
Report on Form 10-Q for the quarter ended June 30, 2020 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, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200806005336/en/
Investors Peggy Pinkston (425) 527-4160
ppinkston@seagen.com
Media Monique Greer (425) 527-4641 mgreer@seagen.com
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seagen (NASDAQ:SGEN)
Historical Stock Chart
From Apr 2023 to Apr 2024