Five Prime Therapeutics Licenses Antibodies to Seattle Genetics for Use in Novel Antibody Drug Conjugate (ADC) Programs
February 19 2020 - 9:25AM
Business Wire
Five Prime receives $5 million upfront payment
and is eligible to receive up to a combined total of $525 million
in future milestone payments for the first two ADC product
candidates
Five Prime Therapeutics, Inc. (NASDAQ: FPRX), a clinical-stage
biotechnology company focused on developing immune modulators and
precision therapies for solid tumor cancers, today announced a
global license agreement with Seattle Genetics, Inc. to develop and
commercialize novel antibody-drug conjugate (ADC) therapies using
monoclonal antibodies developed by Five Prime. ADCs harness the
targeting ability of antibodies to deliver cell-killing agents
directly to cancer cells.
Under the terms of the agreement, Five Prime granted Seattle
Genetics an exclusive worldwide license to a family of monoclonal
antibodies that are directed to a single target and Seattle
Genetics will be responsible for research, development,
manufacturing and commercialization of ADC products based on these
antibodies. For the multi-product deal, Five Prime will receive a
$5 million upfront payment and is eligible to receive
progress-dependent development and regulatory milestone payments as
well as cumulative commercial milestone payments. Cumulative
milestones may reach up to $295 million for the first ADC product
that is developed and commercialized. Five Prime will additionally
receive tiered mid-single digit royalties on net product sales.
“We are pleased to enter into this license agreement with
Seattle Genetics, a global leader that develops and commercializes
transformative targeted cancer therapies that utilize its
industry-leading ADC technology,” said William Ringo, Chairman and
interim Chief Executive Officer of Five Prime Therapeutics. “This
agreement allows Five Prime to realize value from our pre-clinical
pipeline while prioritizing our clinical investments based on
upcoming data readouts for our programs. Looking to the future, we
will continue to seek strategic partnerships that allow us to
maximize the value of our assets and the long-term potential of the
company.”
About Five Prime Therapeutics
Five Prime Therapeutics, Inc. develops innovative protein
therapeutics to improve the lives of patients with cancer. The
company focuses on developing immune modulators and precision
therapies for solid tumor cancers paired with companion diagnostics
to identify patients who are most likely to benefit from treatment
with Five Prime’s product candidates. The company’s product
candidates have innovative mechanisms of action and address patient
populations in need of better therapies. Five Prime has entered
into strategic collaborations with leading global pharmaceutical
companies and has promising product candidates in clinical and
preclinical development. For more information, please visit
www.fiveprime.com.
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "may," "will," "expect," "plan," "anticipate,"
"estimate," "intend" and similar expressions (as well as other
words or expressions referencing future events, conditions or
circumstances) are intended to identify forward-looking statements.
These forward-looking statements are based on Five Prime's
expectations and assumptions as of the date of this press release.
Each of these forward-looking statements involves risks and
uncertainties. Forward-looking statements contained in this press
release include statements regarding Five Prime's potential receipt
of upfront and milestone payments and royalties under the license
agreement. Actual results may differ materially from these
forward-looking statements. Many factors may cause differences
between current expectations and actual results including
unexpected safety or efficacy data observed during preclinical or
clinical studies, changes in expected or existing competition,
changes in the regulatory, pricing or reimbursement environment,
and unexpected litigation or other disputes. Other factors that may
cause actual results to differ from those expressed or implied in
the forward-looking statements in this press release are discussed
in Five Prime’s filings with the U.S. Securities and Exchange
Commission, including the “Risk Factors” contained therein. Except
as required by law, Five Prime assumes no obligation to update any
forward-looking statements contained herein to reflect any change
in expectations, even as new information becomes available.
Source: Five Prime Therapeutics, Inc.
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Five Prime Therapeutics Media and Investor Contact
Martin Forrest VP, Investor Relations & Corporate
Communications Five Prime Therapeutics, Inc. 415-365-5625
martin.forrest@fiveprime.com
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