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Thursday, January 6, 2011

Seattle Genetics, Pfizer in $208 mln antibody tech deal, (NASDAQ: SGEN), (NYSE: PFE)

Seattle Genetics (SGEN.O) said it would receive $208 million from Pfizer Inc (PFE.N) for giving the world's biggest drugmaker the rights to utilize the biotechnology company's antibody technology to treat a single cancer target. Seattle said it would receive $8 million upfront and over $200 million in milestone payments. The deal involves development of antibodies to a single cancer target using Seattle Genetics' antibody-drug conjugate (ADC) technology. Pfizer will be responsible for research, product development, manufacturing and commercialization of products, Seattle said in a statement.