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-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.
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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