Kineta could receive more than $359 million as a result of the deal.

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Seattle biotech Kineta will partner with big biotech company Genentech to make and sell a drug used to treat chronic pain, in a deal that could be worth more than $359 million for the Seattle company.

Kineta announced Monday it made a deal with San Francisco-based Genentech to develop Kineta’s existing target therapy into a medicine that treats nerve pain.

“There is a tremendous unmet patient need to develop more effective, safer and nonaddictive therapies for the many people who suffer from chronic pain,” Kineta CEO Shawn Iadonato said in a statement Monday.

The Seattle company will be eligible to receive up to $359 million as part of the deal, in addition to an undisclosed upfront payment. It could also receive royalties on eventual sales of products that result from the deal.

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