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Business
Immunomedics drops Seattle Genetics deal
by Michael McCoy
May 15, 2017
| A version of this story appeared in
Volume 95, Issue 20
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.
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