Drumbeat of bad news continues at OncoMed as Celgene dumps option on one of its last pipeline efforts
Five years ago, OncoMed $OMED looked like one of the hottest oncology companies in the US, basking in the glow of a multibillion-dollar deal with the go-go team at Celgene.
Then its lead drugs foundered in a series of clinical disasters last year that presaged GlaxoSmithKline’s exit from their partnership. The company restructured in the spring of 2017, right after Bayer bowed out. CEO Paul Hastings hit the exit early this year. And this morning Celgene is cutting loose from one of their remaining options, passing on a license to OncoMed’s lead drug — a bispecific antibody dubbed navicixizumab (anti-DLL4/VEGF bispecific, OMP-305B83).
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