Gilead­'s Im­munomedics set­tles over-hyped AS­CO da­ta mishap for $4M

Each year, the Amer­i­can So­ci­ety of Clin­i­cal On­col­o­gy’s pres­ti­gious an­nu­al meet­ing un­veils some of the lat­est and great­est new can­cer da­ta, oc­ca­sion­al­ly mak­ing or break­ing small­er biotechs along the way.

In 2016, this was the case for a clin­i­cal-stage biotech known as Im­munomedics, which was even­tu­al­ly ac­quired by Gilead for $21 bil­lion in 2020.

What start­ed with a stock-pump­ing promise for a ma­jor AS­CO up­date from Im­munomedics ex­ecs on new da­ta for its po­ten­tial breast can­cer drug, end­ed with AS­CO kick­ing the com­pa­ny out of the meet­ing that year, while ex­plain­ing that the da­ta were old and pre­vi­ous­ly pre­sent­ed at an in­dus­try event.

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