Genentech awards $4 million milestone payment to Seattle Genetics

BOTHELL, Wash. Seattle Genetics will receive a $4 million payment from development partner Genentech for a study involving its cancer drug candidate SGN-40, according to the Associated Press.

Genentech had started an early stage study using Rituxan, it’s cancer and rheumatoid arthritis drug, in combination with SGN-40, triggering the milestone payment. The Phase 1b clinical trial is focusing on patients with the relapsed form of follicular non-Hodgkin lymphoma.

The partnership with Genentech calls for six clinical trials involving SGN-40 both as a stand-alone treatment and as a combination treatment for several types of cancer. Under the deal, Seattle Genetics already received a $60 million upfront payment and is entitled to receive payments exceeding $800 million.