Genmab will not exercise co-development right for HuMax-TAC-ADC

Danish drugmaker Genmab (OMX: GEN) has chosen not to exercise the co-development right for HuMax-TAC-ADC under its 2013 agreement with Switzerland-based ADC Therapeutics an oncology drug development company that specializes in the development of proprietary antibody drug conjugates.

However, Genmab will retain 25% of the rights to the product. Under the terms of the companies’ agreement, Genmab had a 50% ownership stake with an option to maintain equal ownership of HuMax-TAC-ADC prior to the submission of an Investigational New Drug application and fund half of the development costs. Genmab has decided not to maintain its co-development right for HuMax-TAC-ADC, and ADC Therapeutics has indicated it intends to file an IND for HuMax-TAC-ADC in the first half of 2015.

“While we have decided not to fund co-development of HuMax-TAC-ADC with ADC Therapeutics, we are pleased to still have 25% of the rights to the product, which has potential to become a first-in-class antibody-drug conjugate therapeutic in certain hematological cancer indications,” said Jan van de Winkel, chief executive of Genmab.