Jilted by Janssen, Aduro hit by 13% share price drop
Immuno-oncology company Aduro BioTech (Nasdaq: ADRO) closed 13% down in the stock market on Tuesday following news that Janssen was walking away from cancer collaborations that it had signed up to with the Californian firm.
Aduro alerted the world in a regulatory filing that Johnson & Johnson’s (NYSE: JNJ) was terminating its agreements on developing therapies for lung and prostate cancers.
In 2014, Janssen was granted an exclusive, worldwide license to research, develop, manufacture, use, sell and otherwise exploit products containing Aduro’s ADU-214, ADU-741 and GVAX Prostate for any and all use, rights to which are all now returning to the smaller company.
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