press release

Nov. 4, 2019, 11:51 p.m. EST

Seattle Genetics Responds to Daiichi Sankyo’s Complaint for Declaratory Judgment

Seattle Genetics, Inc. /zigman2/quotes/203326163/composite SGEN -2.87% today released the following statement in response to Daiichi Sankyo’s filing of a Declaratory Judgment action alleging Seattle Genetics is not entitled to intellectual property rights under a collaboration between the two companies for the development of antibody-drug conjugates (ADCs):

ADC technology used in Daiichi Sankyo’s metastatic breast cancer drug candidate (DS-8201, [Fam-] trastuzumab deruxtecan) among other product candidates, rightfully belongs to Seattle Genetics under the agreement entered into between the two parties in 2008. The linker and other ADC technology used in these drug candidates are improvements to Seattle Genetics’ pioneering ADC technology, the ownership of which are automatically assigned to Seattle Genetics under the terms of the agreement. Seattle Genetics has been abiding by the dispute resolution provisions under the agreement to pursue its legal rights. By filing this lawsuit, Daiichi Sankyo has circumvented the process underway between the parties pursuant to these provisions. Seattle Genetics is committed to protecting the company’s intellectual property rights as it continues to find revolutionary new treatments for cancer patients.

About Seattle Genetics Seattle Genetics, Inc. is an emerging multi-product, global biotechnology company that develops and commercializes transformative therapies targeting cancer to make a meaningful difference in people’s lives. ADCETRIS [®] (brentuximab vedotin) utilizes the company’s industry-leading antibody-drug conjugate (ADC) technology and is currently approved for the treatment of multiple CD30-expressing lymphomas. Beyond ADCETRIS, the company has a late-stage pipeline including enfortumab vedotin for metastatic urothelial cancer, currently being reviewed for approval by the FDA, and tisotumab vedotin in clinical trials for metastatic cervical cancer, which utilize our proprietary ADC technology. In addition, tucatinib, a small molecule tyrosine kinase inhibitor, is in late-stage development for HER2-positive metastatic breast cancer and in clinical development for metastatic colorectal cancer. We are also leveraging our expertise in empowered antibodies to build a portfolio of proprietary immuno-oncology agents in clinical trials targeting hematologic malignancies and solid tumors. The company is headquartered in Bothell, Washington, and has a European office in Switzerland. For more information on our robust pipeline, visit www.seattlegenetics.com and follow @SeattleGenetics on Twitter.

Forward Looking Statement
Certain of the statements made in this press release are forward looking, such as those, among others, relating to the company’s position relating the ownership of the specified technology. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the inherent uncertainties associated with legal actions. More information about the risks and uncertainties faced by Seattle Genetics is contained under the caption “Risk Factors” included in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191104006119/en/

SOURCE: Seattle Genetics, Inc.

Media:
Monique Greer
(425) 527-4641
mgreer@seagen.com Investors:
Peggy Pinkston
(425) 527-4160
ppinkston@seagen.com

Copyright Business Wire 2019

/zigman2/quotes/203326163/composite
US : U.S.: Nasdaq
$ 114.13
-3.37 -2.87%
Volume: 1.20M
Dec. 9, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$20.14 billion
Rev. per Employee
$502,842
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