February 10, 2017
Seattle Genetics has become the new flag carrier for the solid tumor drug IMMU-132 of Immunomedics. In order to claim global rights on the drug, Seattle Genetics is paying $300 million, and also committing up to $1.7 billion more in milestones. The biotech will now take the lead on a Phase III study for metastatic triple negative breast cancer. And once the BLA is filed, it’s obligated to pay over the first of its milestone money as Seattle Genetics looks to vault to an approval as early as late 2017.
NJ-based Immunomedics CEO Cynthia L. Sullivan said: “In just over three years, we have brought IMMU-132 through clinical developments in multiple indications, and have advanced the TNBC indication to a potential accelerated approval and launch by late 2017 or early 2018, which could make IMMU-132 available to patients dealing with a highly malignant form of breast cancer,”
IMMU-132 (sacituzumab govitecan) fits squarely in the comfort zone Seattle Genetics. It is an armed antibody that contains SN-38, the active metabolite of irinotecan, designed for precise delivery to avoid off-target toxicity.
The deal — with a $250 million in an upfront and an additional $50 million for additional ex-US rights — falls just days after Sullivan and her crew declared the latest update on the drug and its plans to seek an accelerated approval.