Its payday time! Seattle Genetics, a biotechnology company based in Seattle that specializes in developing antibody-based therapies to treat cancer, announced last week that it will receive $6 million in milestone payments from its Japan-based partner, Takeda Pharmaceutical Company. The payments have been awarded due to the success in the commercial sales of their jointly developed antibody-drug conjugate, ADCETRIS, in Australia, South Korea, and Mexico. All three of the countries have been given permission to sell ADCETRIS by their local health authorities to treat patients with relapsed or refractory in Hodgkin Lymphoma and non-Hodgkin Lymphoma.
ADCETRIS is already available commercially in the US and Japan, as well as in 40 other countries including the European Union, Canada, Ukraine, Switzerland, Singapore, Norway, and Iceland. Seattle Genetics will continue to partner with Takeda on developing ADCETRIS, which Takeda has the rights to commercialize outside of the US and Canada. Seattle Genetics receives royalties based on a percentage of Takeda’s net sales in addition to milestone payments.