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.
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