Abbott will pay an upfront fee of $8 million for rights to utilize Seattle Genetics' antibody-drug conjugate (ADC) technology with antibodies to a single oncology target.

"We are pleased to collaborate with Abbott on our ADC technology given their position as one of the world's leading pharmaceutical companies and their demonstrated commitment to both biologic and oncology therapeutics," said Eric L. Dobmeier, chief business officer of Seattle Genetics. "This is the second ADC collaboration with a multinational pharmaceutical company that we have announced this year, further illustrating the important role that our ADC technology is poised to play in the treatment of many types of cancer."

Abbott is responsible for research, product development, manufacturing and commercialization of any ADC products under the collaboration. Pending achievement of certain development, regulatory and commercial milestones, Seattle Genetics is eligible to receive up to $200 million in payments, as well as royalties on sales of any resulting ADC products. Seattle Genetics also will receive annual maintenance fees and research support payments for assistance provided to Abbott under the collaboration.