Originally published December 11, 2009 at 7:20 AM | Page modified December 11, 2009 at 10:31 AM
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Biotech giant drops Seattle Genetics drug program
Biotech powerhouse Genentech will terminate a collaboration deal that paid Seattle Genetics $60 million and could have yielded over $800 million more in future years.
The 2007 collaboration agreement covered development and commercialization of dacetuzumab, a monoclonal antibody for potential treatment of non-Hodgkin lymphoma and multiple myeloma. The partnership will terminate in 180 days, said Bothell-based Seattle Genetics.
CEO Clay Siegall said in a statement the company hasn't yet decided how to proceed with dacetuzumab. He said Seattle Genetics will "remain focused on advancing our lead product candidate, brentuximab vedotin (SGN-35), which we are positioning for a potential new drug application in 2011, as well as multiple other clinical and preclinical programs in our portfolio.
Seattle Genetics shares were down 23 cents, or 2.6 percent, to $8.75 in early trading.
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