Genmab A/S (Nasdaq Copenhagen: GEN) announced today that it will pay a milestone payment of USD 7 million to Seattle Genetics, Inc. (Nasdaq: SGEN) following progress in the HuMax-AXL-ADC development program.
The milestone payment was triggered by the initiation of expansion cohorts in the ongoing Phase I/II trial in solid tumors. Genmab originally licensed Seattle Genetics’ADC technology in September 2014, in order to combine it with Genmab’s proprietary HuMax-AXL antibody to target multiple tumor types.
‘This milestone payment marks the rapid progress of the development program for HuMax-AXL-ADC and we very much look forward to seeing data from this program in the future,’ said Jan van de Winkel, Ph.D., Chief Executive Officer of Genmab. ‘This is the second development interaction we have with Seattle Genetics, who are experts in the field of antibody-drug conjugates. The licensing deal for the use of their ADC technology in our proprietary HuMax-AXL-ADC program allows us to pursue our goal of developing truly differentiated cancer therapeutics whilst retaining maximal ownership of our therapeutic products.’
HuMax-AXL-ADC is an ADC targeted to AXL, a signaling molecule expressed on many solid cancers and implicated in tumor biology. HuMax-AXL-ADC is in Phase I/II clinical development for seven different solid tumors: ovarian, cervical, endometrial, thyroid, non-small cell lung cancer (NSCLC), melanoma, and sarcoma. HuMax-AXL-ADC is fully owned by Genmab and the ADC technology used with HuMax-AXL-ADC was licensed from Seattle Genetics.
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