PharmaMar has signed an exclusive licensing agreement with Seattle Genetics Inc. under which Seattle Genetics receives exclusive worldwide rights to certain PharmaMar proprietary molecules for the development, manufacture, and commercialization of antibody-drug conjugates (ADCs) and/or other drug conjugates incorporating PharmaMar payloads.
According to the terms of the agreement, PharmaMar receives an upfront payment of $5 million on signing, followed by development milestones if a product enters clinical development conducted by Seattle Genetics. In addition, PharmaMar is eligible for potential approval and sales milestones as well as royalties, once a product receives regulatory approval and is commercialized.
PharmaMar has a Marine Payloads unit. These are new, structurally diverse molecules with novel mechanisms of action that provide a unique opportunity to develop next generation ADCs. These payloads are highly potent, with sub-nanomolar cytotoxic activity.
ADCs are targeted cancer treatments designed to harness the specificity of antibodies to deliver cell-killing agents directly to cancer cells.
The payloads department at PharmaMar is new, placing the company as a supplier of cytotoxic products, necessary for all companies working within the field of ADCs.
Seattle Genetics Inc., headquartered in Bothell, WA is a biotechnology company that develops and commercializes monoclonal antibody-based therapies for the treatment of cancer. Headquartered in Madrid, PharmaMar is a global biopharmaceutical company in the discovery and development of marine-derived anticancer drugs.