Seattle Genetics throws in the towel on $2B Immunomedics deal, CEO and CSO axed in settlement
The activist investment group venBio has brought down a high profile, $2 billion collaboration deal — with $300 million in up front cash — between Seattle Genetics and Immunomedics. And the peace agreement they signed is tied to the resignations of the CEO and CSO at Immunomedics, who led the counterattack against venBio, which now has total control of the biotech.
A few months ago the two companies tied up in a deal that gave Seattle Genetics global rights to Immunomedics’ IMMU-132, putting them in charge of a late-stage study of the drug for metastatic triple negative breast cancer while looking for an accelerated approval.
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