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).

Endpoints News

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.


Alexandria Real Estate Equities

Cambridge, MA, USA