Seattle Genetics Gets $9.5M Payment From Roche
From Associated Press (April 20, 2010)
BOTHELL, Wash. -- Seattle Genetics Inc. said Tuesday it received a $9.5 million payment from Roche’s Genentech unit, which is renewing a cancer drug licensing agreement between the companies.
Genentech has been a key partner for Seattle Genetics for several years. Under the agreement between the companies, Genentech will handle research, development and sales of drugs discovered by the collaboration. Seattle Genetics can receive payments if the drugs advance through testing and regulatory review, and royalties if they reach the market.
Seattle Genetics is a development-stage company with no products on the market. In midday trading, its shares rose 8 cents to $11.47.
Posted: April 2010