Seattle Genetics, Inc. will receive a $5 million milestone payment under its Adcetris (brentuximab vedotin) collaboration with Takeda Pharmaceutical Co., triggered by Takeda’s annual sales surpassing $100 million in its territories. The milestone will be recognized as royalty revenue in 1Q14.
“This sales milestone, along with the recent approvals of Adcetris in Japan, Singapore and Australia, illustrate the strong commercial and regulatory progress being made by Takeda in its territories,” said Clay B. Siegall, Ph.D., president and chief executive officer at Seattle Genetics. “Through approvals and marketing authorizations in 39 countries to date and a significant clinical development program involving more than 30 clinical trials, we and Takeda are committed to bringing Adcetris to patients in need worldwide.”
The two companies are jointly developing Adcetris and Seattle Genetics has U.S. and Canadian commercialization rights and Takeda has rights in the rest of the world. Seattle Genetics is entitled to royalties based sales in its territory, as well as progress- and sales-based milestones for Adcetris within Takeda’s licensed territories.