Sanofi, Seagen Collaborate For Antibody-Drug Conjugates Against Cancer Targets

• Sanofi SA (NASDAQ:SNY) and Seagen Inc (NASDAQ:SGEN) have announced an exclusive collaboration agreement to design, develop, and commercialize antibody-drug conjugates (ADCs) for up to three cancer targets. 
• The collaboration will utilize Sanofi's proprietary monoclonal antibody (mAb) technology and Seagen's proprietary ADC technology. 
• ADCs are antibodies engineered to deliver potent anti-cancer drugs to tumor cells expressing a specific protein, and Sanofi currently has one ADC in development.
• Under the terms of the collaboration, Seagen and Sanofi will co-fund global development activities and share equally in any future profits. 
• In addition, Sanofi will make an undisclosed payment to Seagen for each of the three targets as they are selected. 
• The first target under the collaboration has already been designated.
• Price Action: SGEN stock closed 0.54% higher at $137.60 on Tuesday. SNY shares are up 0.14% at $51.90 during the premarket session on the last check Wednesday.