ADC tie-up gives Five Prime leg up
Beleaguered oncology biotech Five Prime Therapeutics (Nasdaq: FPRX) has been thrown a lifeline by Seattle Genetics (Nasdaq: SGEN), the antibody-drug conjugate (ADC) specialist, in the form of a global licensing agreement.
Earlier in the week, Five Prime announced the failure of a key test of one of its candidates, cabiralizumab, in pancreatic cancer.
The company has seen its share price whittled away in recent years, with investors losing faith in the prospect for value realization. The deal with Seattle, which is on a high after a run of good news, caused shares to jump almost 20% on Wednesday.
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