Seattle genetics and beigene announce global license agreement for advanced preclinical product candidate

Seattle genetics, inc. and beigene, ltd. announced that the companies have entered into a license agreement for an advanced preclinical product candidate for treating cancer. the agent utilizes a proprietary seattle genetics antibody-based technology and is expected to advance into clinical trials in the first half of 2020. under the terms of the agreement, seattle genetics has retained rights to the product candidate in the americas (united states, canada and latin american countries), europe and japan. beigene has been granted exclusive rights to develop and commercialize the product candidate in asia (except japan) and the rest of the world. seattle genetics will lead global development and beigene will fund and operationalize the portion of global clinical trials attributable to its territories. beigene will also be responsible for all clinical development and regulatory submissions specific to its territories. seattle genetics will receive an upfront payment and is eligible to receive progress-dependent milestones for a total deal value of up to $160 million and tiered royalties on any product sales.
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