Fenwick represented Seattle Genetics, Inc. (NASDAQ: SGEN) in two strategic oncology collaborations with Merck (NYSE: MRK).
The companies will globally develop and commercialize Seattle Genetics’ ladiratuzumab vedotin, an investigational antibody-drug conjugate (ADC) targeting LIV-1, which is currently in phase 2 clinical trials for breast cancer and other solid tumors. Under the terms of the agreement, Seattle Genetics will receive a $600 million upfront payment and Merck will make a $1 billion equity investment in 5 million shares of Seattle Genetics common stock at a price of $200 per share. In addition, Seattle Genetics is eligible for progress-dependent milestone payments of up to $2.6 billion.
Separately, Seattle Genetics has granted Merck an exclusive license to commercialize TUKYSA (tucatinib), a small molecule tyrosine kinase inhibitor, for the treatment of HER2-positive cancers, in Asia, the Middle East and Latin America and other regions outside of the U.S., Canada and Europe. Seattle Genetics will receive $125 million from Merck as an upfront payment and is eligible for progress dependent milestones of up to $65 million.
More information about the collaborations can be obtained from Seattle Genetics’ announcement.
The Fenwick team handling the collaborations was led by life sciences partner Stefano Quintini, counsel Claire O’Callaghan, licensing attorney Amy Manning and antitrust & trade regulation partner Mark Ostrau.