On February 19, 2020 Five Prime Therapeutics, Inc. (NASDAQ: FPRX), a clinical-stage biotechnology company focused on developing immune modulators and precision therapies for solid tumor cancers, reported a global license agreement with Seattle Genetics, Inc. to develop and commercialize novel antibody-drug conjugate (ADC) therapies using monoclonal antibodies developed by Five Prime (Press release, Five Prime Therapeutics, FEB 19, 2020, View Source [SID1234554497]). ADCs harness the targeting ability of antibodies to deliver cell-killing agents directly to cancer cells.
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Under the terms of the agreement, Five Prime granted Seattle Genetics an exclusive worldwide license to a family of monoclonal antibodies that are directed to a single target and Seattle Genetics will be responsible for research, development, manufacturing and commercialization of ADC products based on these antibodies. For the multi-product deal, Five Prime will receive a $5 million upfront payment and is eligible to receive progress-dependent development and regulatory milestone payments as well as cumulative commercial milestone payments. Cumulative milestones may reach up to $295 million for the first ADC product that is developed and commercialized. Five Prime will additionally receive tiered mid-single digit royalties on net product sales.
"We are pleased to enter into this license agreement with Seattle Genetics, a global leader that develops and commercializes transformative targeted cancer therapies that utilize its industry-leading ADC technology," said William Ringo, Chairman and interim Chief Executive Officer of Five Prime Therapeutics. "This agreement allows Five Prime to realize value from our pre-clinical pipeline while prioritizing our clinical investments based on upcoming data readouts for our programs. Looking to the future, we will continue to seek strategic partnerships that allow us to maximize the value of our assets and the long-term potential of the company."