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Seattle Genetics (SGEN) was on the upswing Monday morning after the company inked a collaboration agreement with heavyweight pharmaceutical firm GlaxoSmithKline (GSK). Under the terms of the deal, Seattle Genetics will receive an upfront fee of $12 million and potential milestone payments of up to $390 million for allowing Glaxo to use its antibody-drug conjugate technology.
The treatment is intended to reduce the side effects of chemotherapy. Currently, Seattle Genetics has nine licensees for the technology, and has raked in more than $35 million this year from collaborations like the one with Glaxo.
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