MedImmune has exercised an option to obtain an exclusive license to an antigen target under its antibody-drug conjugate (ADC) collaboration with Seattle Genetics, triggering a $1.5 million payment. This is the second target MedImmune has licensed through the agreement.

Seattle Genetics and MedImmune entered into the ADC collaboration in April 2005 to provide MedImmune with access to Seattle Genetics' ADC technology for antibodies targeting as many as two antigens. MedImmune paid an upfront fee of $2.0 million for the first target and obtained an option to license a second antigen for an additional fee of $1.5 million. MedImmune has also agreed to pay ongoing technology access fees, progress-dependent milestone payments and royalties on net sales of ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of product candidates under the collaboration.

"MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target," said Eric L. Dobmeier, chief business officer of Seattle Genetics. "Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated."

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