Seattle Genetics announces Pfizer collaboration

Seattle Genetics announces Pfizer collaboration
BOTHELL, Wash. (AP) - Biotechnology company Seattle Genetics Inc. said Thursday it will receive an $8 million fee from Pfizer Inc. for rights to use its cancer-fighting antibody-drug conjugate technology.

The Bothell, Wash., company also could receive more than $200 million in milestone and royalty payments for any products that stem from the agreement with Pfizer, the world's largest drugmaker. Pfizer will be responsible for developing and selling any antibody-drug conjugate products.

The technology aims to selectively deliver anti-cancer agents to tumor cells, sparing other cells and reducing the toxic effects of traditional chemotherapy. Seattle Genetics said it has generated more than $145 million from licensing of the technology and it now has 10 ongoing collaborations.

Its shares rose 41 cents, or 2.6 percent, to $15.95 in pre-market trading.