Immunomedics drops Seattle Genetics deal | Chemical & Engineering News
Volume 95 Issue 20 | pp. 18-19 | Concentrates
Issue Date: May 15, 2017

Immunomedics drops Seattle Genetics deal

Department: Business
Keywords: biologics, antibody-drug conjugates, oncology

Immunomedics has canceled a deal to license its lead product, the antibody-drug conjugate IMMU-132, to Seattle Genetics for $250 million. Immunomedics has instead raised $125 million from institutional investors to pay for the final stages of developing the oncology drug itself and applying for FDA approval. The change of course is part of a settlement with the venture capital firm venBio, which claimed Immunomedics was not realizing the drug’s full potential. Immunomedics founder and chair David M. Goldenberg and his wife, CEO Cynthia Sullivan, are both stepping down.

Chemical & Engineering News
ISSN 0009-2347
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