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Seattle Genetics receives $5m from Millennium

Seattle Genetics has received $5m milestone payment from Millennium: The Takeda Oncology Company, under an antibody-drug conjugate (ADC) brentuximab vedotin (ADCETRIS) pact.

The milestone payment has been made following European Medicines Agency (EMA) acceptance of brentuximab vedotin marketing authorization application (MAA) as a treatment for relapsed or refractory Hodgkin lymphoma and relapsed or refractory systemic anaplastic large cell lymphoma (ALCL).

As per the agreement, Takeda Group has the right to commercialize brentuximab vedotin in the rest of the world expect US and Canada where Seattle Genetics owns.

Seattle Genetics and the Takeda Group are funding joint development costs for brentuximab vedotin on a 50:50 basis, except in Japan where Takeda will be solely responsible for development costs.

Seattle Genetics president and CEO Clay Siegall said the EMA acceptance of the MAA represents a significant achievement in the development of brentuximab vedotin, and takes them another step closer to their goal of bringing this ADC to relapsed or refractory Hodgkin lymphoma and systemic ALCL patients in need around the world.

"We also continue to make progress with brentuximab vedotin in the US, as we interact with the FDA on our two regulatory submissions for these indications," Siegall said.

"The FDA’s Oncologic Drugs Advisory Committee will review our Biologics License Applications on July 14, 2011, and the action date is August 30, 2011 under the Prescription Drug User Fee Act."