Seattle Genetics strikes potential $4.2B deal for breast cancer drug

Seattle Genetics announced Monday a deal with New Jersey-based Merck& Co. Inc. to globally develop a drug that targets breast cancer and other solid tumors currently in Phase 2 trials. Merck will pay $600 million upfront and make a $1 billion equity investment in 5 million shares of Seattle Genetics’ common stock at a price of $200 per share. Additionally, Seattle Genetics is eligible for progress-dependent milestone payments of up to $2.6 billion, including $850 million in de velopment milestones…
Source: bizjournals.com Health Care:Biotechnology headlines - Category: Biotechnology Authors: Source Type: news