Seattle Genetics Achieves Milestone Following European Commission Approval of Roche’s Polivy® (Polatuzumab Vedotin)
January 21 2020 - 8:00AM
Business Wire
Seattle Genetics, Inc. (Nasdaq:SGEN) today announced that it
will receive a milestone payment from Roche triggered by European
Commission conditional marketing authorisation for Polivy®
(polatuzumab vedotin). Polivy is an antibody-drug conjugate (ADC)
that utilizes Seattle Genetics’ technology. It was developed and is
commercialized by Roche/Genentech. Polivy was approved in
combination with bendamustine plus MabThera® (rituximab) (BR) for
the treatment of adult patients with relapsed or refractory (R/R)
diffuse large B-cell lymphoma (DLBCL), who are not candidates for a
haematopoietic stem cell transplant. Polivy was granted PRIME
(PRIority MEdicines) designation by the European Medicines Agency
(EMA) for the treatment of people with R/R DLBCL in 2017.
“In addition to our two marketed ADC products ADCETRIS®
(brentuximab vedotin) and the recently FDA-approved PADCEV™
(enfortumab vedotin-ejfv), the European Commission approval of
Polivy highlights the increasing importance of ADCs in the
treatment of cancer,” said Clay Siegall, Ph.D., President and Chief
Executive Officer of Seattle Genetics. “Across our internal and
collaborator pipelines, there are more than ten ADCs in clinical
development employing our proprietary technology. We continue to
lead in the field of ADCs with our novel linker systems,
cell-killing payloads and conjugation technologies.”
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, including Roche/Genentech and
GlaxoSmithKline. 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 medicines
targeting cancer 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 designed to bring a powerful medicine
directly to cancer cells. ADCETRIS is approved for the treatment of
several types of CD30-expressing lymphomas, and PADCEV is approved
to treat adults with metastatic urothelial cancer. In addition,
investigational agent tucatinib, a small molecule tyrosine kinase
inhibitor, is in late-stage development for HER2-positive
metastatic breast cancer, and in clinical development for
metastatic colorectal cancer. The company is headquartered in
Bothell, Washington, and has offices 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
Genentech and other licensees, the therapeutic uses of Polivy, 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 September 30, 2019 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200121005354/en/
Investors Peggy Pinkston (425) 527-4160
ppinkston@seagen.com
Media Monique Greer (425) 527-4641 mgreer@seagen.com
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