Seattle Genetics Announces Purchase of Bothell Manufacturing Facility from Bristol-Myers Squibb
August 01 2017 - 3:00PM
Business Wire
-Facility Provides Manufacturing Capacity and
Flexibility to Support Growing Pipeline-
-Acquisition Preserves Local Manufacturing Jobs
and Supports Strategy for Continued Growth in Washington State-
Seattle Genetics, Inc. (Nasdaq: SGEN), a biotechnology company,
today announced that it has signed definitive agreements to
purchase Bristol-Myers Squibb’s pharmaceutical manufacturing
facility in Bothell, Washington. The facility, known as the Monte
Villa Parkway Research Center, is a 51,000 square foot state-of-the
art manufacturing and laboratory space built in 2014. Seattle
Genetics plans to utilize the facility primarily for antibody
production for current and future pipeline programs. As part of the
transaction, the company intends to offer employment to the
manufacturing facility’s current employees. The transaction is
expected to close in the second half of 2017.
“This turnkey manufacturing facility provides the capability,
capacity and skilled workforce needed to support our expanding
antibody-drug conjugate and immuno-oncology pipeline, and
complements our existing outsourced manufacturing model,” said
Vaughn Himes, Ph.D., Chief Technical Officer of Seattle Genetics.
“In addition, its location near our corporate headquarters will
provide operational synergies with our current technical operations
team and underscores our strategy for continued growth in
Washington state.”
About Seattle Genetics
Seattle Genetics is an innovative biotechnology company that
develops and commercializes novel antibody-based therapies for the
treatment of cancer. The company’s industry-leading antibody-drug
conjugate (ADC) technology harnesses the targeting ability of
antibodies to deliver cell-killing agents directly to cancer cells.
ADCETRIS® (brentuximab vedotin), the company’s lead product, in
collaboration with Takeda Pharmaceutical Company Limited, is the
first in a new class of ADCs commercially available globally in 67
countries for relapsed classical Hodgkin lymphoma and relapsed
systemic anaplastic large cell lymphoma (sALCL). Seattle Genetics
is also advancing enfortumab vedotin, an ADC for metastatic
urothelial cancer, in a planned pivotal trial in collaboration with
Astellas. Headquartered in Bothell, Washington, Seattle Genetics
has a strong pipeline of innovative therapies for blood-related
cancers and solid tumors designed to address significant unmet
medical needs and improve treatment outcomes for patients. The
company has collaborations for its proprietary ADC technology with
a number of companies including AbbVie, Astellas, Bayer, Celldex,
Genentech, GlaxoSmithKline and Pfizer. More information can be
found at www.seattlegenetics.com.
Forward-Looking Statements
Certain of the statements made in this press release are
forward-looking, such as those, among others, relating to the
expected benefits of the manufacturing facility to Seattle
Genetics, Seattle Genetics’ plans with respect to the use of the
manufacturing facility, Seattle Genetics’ expectations regarding
the closing of the transaction and the timing thereof, anticipated
growth of Seattle Genetics’ pipeline and its plans relating to the
expansion of its manufacturing capacity, as well as other
statements that are not historical facts. 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 risks that Seattle Genetics may experience
problems or delays in operating the manufacturing facility,
including due to the fact that Seattle Genetics has not previously
operated a manufacturing facility, as well as the complexity of
applicable laws and regulations governing drug product
manufacturing activities, and the risk that Seattle Genetics may
not be able to retain the workforce previously employed in the
facility, or otherwise access the expertise needed to operate the
facility. In addition, Seattle Genetics may be unable to close the
transaction in a timely manner or at all, and Seattle Genetics may
experience delays or setbacks in our pipeline that could undermine
its manufacturing capacity expansion plans or result in the
under-utilization of this facility. 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 March 31, 2017
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801005082/en/
Seattle Genetics, Inc.Investors:Peggy Pinkston,
425-527-4160ppinkston@seagen.comorMedia:Brandi Robinson,
425-527-2910brobinson@seagen.com
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