Seattle Genetics, Inc. (NASDAQ:SGEN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On December 26, 2016, Seattle Genetics, Inc. (the “Company”) entered into a Tenth Amendment (the “Amendment”) to the Development and Supply Agreement dated February 23, 2004 between the Company and AbbVie Inc. (the successor in interest to Abbott Laboratories’ research-based pharmaceuticals business) (“AbbVie”) relating to the manufacture of the antibody component of ADCETRIS (as previously amended to date, the “Supply Agreement”). Among other things, the Amendment extends the term of the Supply Agreement from August 22, 2021 through and including December 31, 2025, with an automatic one-year extension of the term unless either party provides written notice of termination.
In addition, the Company and AbbVie are parties to an antibody-drug conjugate collaboration agreement, as further described in our other reports we have filed with the Securities and Exchange Commission.
The foregoing is only a brief description of the material terms of the Amendment, does not purport to be complete and is qualified in its entirety by reference to the text of the Amendment, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company will be requesting confidential treatment for certain terms of the Amendment, which will be filed separately with the Securities and Exchange Commission.
About Seattle Genetics, Inc. (NASDAQ:SGEN)
Seattle Genetics, Inc. is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE). The Company’s pipeline includes other clinical-stage ADC programs, which are SGN-CD33A, SGN-CD19A, SGN-LIV1A, SGN-CD70A, ASG-22ME, and ASG-15ME, and SEA-CD40, which is based on its sugar-engineered antibody (SEA) technology. SGN-CD33A is an ADC composed of an anti-CD33 monoclonal antibody indicated for the treatment of acute myeloid leukemia (AML). SGN-CD19A is an ADC composed of an anti-CD19 monoclonal antibody indicated for the treatment of hematologic malignancies. SGN-LIV1A is an ADC composed of an anti-LIV-1 monoclonal antibody indicated for the treatment of LIV-1-positive metastatic breast cancer. Seattle Genetics, Inc. (NASDAQ:SGEN) Recent Trading Information
Seattle Genetics, Inc. (NASDAQ:SGEN) closed its last trading session down -0.65 at 51.71 with 5,494,058 shares trading hands.