PharmaMar (MSE:PHM) has announced today the signing of an exclusive licensing agreement with Seattle Genetics Inc. (SGEN: NASDAQ GS) under which Seattle Genetics receives exclusive worldwide rights to certain PharmaMar proprietary molecules for the development, manufacture and commercialization of antibody-drug conjugates (ADCs) and/or other drug conjugates incorporating PharmaMar payloads.
According to the terms of the agreement, PharmaMar receives an upfront payment of 5,000,000 US dollars on signing, followed by development milestones if a product enters clinical development conducted by Seattle Genetics. In addition, PharmaMar is eligible for potential approval and sales milestones as well as royalties, once a product receives regulatory approval and is commercialized.
PharmaMar has a Marine Payloads unit. These are new, structurally diverse molecules with novel mechanisms of action that provide a unique opportunity to develop next generation ADCs. These payloads are highly potent, with sub-nanomolar cytotoxic activity. ADCs are targeted cancer treatments designed to harness the specificity of antibodies to deliver cell-killing agents directly to cancer cells.
As Luis Mora, Managing Director of PharmaMar´s Oncology Business Unit, stated “We are glad to sign this license agreement with Seattle Genetics, a pioneer and leading company in the ADC market, because it allows us to work together
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