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Seattle Genetics gets $6 million in milestone from pharma deal

Posted on 09 April 2014

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Seattle Genetics gets $6 million in milestone payment from a pharma deal with Takeda.

Seattle Genetics announced that it will receive milestone payments from Takeda Pharmaceutical totaling $6 million as a result of achieving the first commercial sale of ADCETRIS (brentuximab vedotin) in three key countries in Takeda’s territories outside of the European Union and Japan, consisting of Australia, South Korea and Mexico.

All three countries have permission to sell commercial product from their local health authority for the treatment of patients with relapsed or refractory CD30-positive Hodgkin lymphoma and systemic anaplastic large cell lymphoma.

ADCETRIS is also commercially available in the U.S., European Union, Japan, Canada, Ukraine, Switzerland, Singapore, Norway, Liechtenstein and Iceland.

ADCETRIS is an antibody-drug conjugate directed to CD30, a defining marker of classical HL and known to be expressed in some types of non-Hodgkin lymphoma, including sALCL.

Seattle Genetics has U.S. and Canadian commercialization rights and Takeda has rights to commercialize ADCETRIS in the rest of the world.

Seattle Genetics is entitled to royalties based on a percentage of Takeda’s net sales in its territory at rates that range from the mid-teens to the mid-twenties based on sales volume, subject to offsets for royalties paid by Takeda to third parties.

Seattle Genetics is entitled to receive progress- and sales-dependent milestone payments based on net sales of ADCETRIS within Takeda’s licensed territories.

Seattle Genetics and Takeda are also funding joint development costs for ADCETRIS on a 50:50 basis, except in Japan where Takeda is solely responsible for development costs.

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