Judge's ruling brings delay to 'stunningly low' $2 billion drug deal

10 March 2017

A Delaware judge has ordered a delay in the closing of a $2 billion drug licensing deal between US biotech companies Immunomedics (Nasdaq: IMMU) and Seattle Genetics (Nasdaq: SGEN).

The ruling caused Immunomedics’ share value to soar by nearly 16% on Thursday to more than $6 and came amid reports of a struggle for control of the company’s board.

As part of the deal, announced early last month, Seattle Genetics was set to receive exclusive worldwide rights to develop, manufacture and commercialize sacituzumab govitecan (IMMU-132), an antibody-drug conjugate (ADC) targeted to TROP-2 which is expressed in several solid tumors including cancers of the breast, lung and bladder.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK