PharmaMar (MSE: PHM) has announced today the signing of an exclusive licensing agreement with Seattle Genetics Inc. (SGEN: NASDAQ GS) for fully synthetic marine-derived payloads for use in drug conjugates.
Under which Seattle Genetics receives exclusive worldwide rights to certain PharmaMar proprietary molecules for the development, manufacture, and commercialization of antibody-drug conjugates and/or other drug conjugates incorporating PharmaMar payloads.
According to the terms of the agreement, PharmaMar receives an upfront payment of 5,000,000 US dollars 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 thousands of miles as well as royalties, eleven 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 antibody-drug conjugates.
These payloads are highly potent, with sub-nanomolar cytotoxic activity. Antibody-drug conjugates have targeted cancer treatments designed to harness the specificity of antibodies to deliver cell-killing agents directly to cancer cells.
As Luis Mora, Managing Director of PharmaMar's Oncology Business Unit, stated "We are glad to sign this license agreement with Seattle Genetics, to pioneer and leading company in the ADC market, because it allows us to work together in these cutting-edge cancer treatments. "
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.