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Seattle Genetics and Immunomedics Terminate License Agreement for Sacituzumab Govitecan
05, May, 2017

Seattle Genetics and Immunomedics today confirmed that they have terminated their Exclusive Global Licensing Agreement for sacituzumab govitecan (IMMU-132), Immunomedics breakthrough therapy candidate to treat metastatic triple-negative breast cancer (mTNBC), and settle the related litigation.

The license agreement had not yet closed due to legal action brought by an Immunomedics stockholder challenging the transaction. The termination and settlement remain subject to court approval.

“The Immunomedics transaction would have effectively utilized our substantial expertise in antibody-drug conjugate (ADC) development to advance IMMU-132 for patients in need,” explained Clay Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics.

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    “However, due to significant delays and lack of progress towards closing the deal, we are turning our full attention and resources to our promising pipeline and the substantial opportunities in front of us, including the upcoming topline data readout from the ECHELON-1 trial and ongoing or planned pivotal trials of vadastuximab talirine (SGN-CD33A) and enfortumab vedotin (ASG-22ME).”

    Termination
    Effective upon the termination of the license, Seattle Genetics and Immunomedics have agreed to fully settle, resolve and release each other from all disputes, claims and liabilities. Seattle Genetics will maintain its existing equity investment in Immunomedics granted as part of the licensing agreement, including 3.0 million shares of Immunomedics common stock and a warrant to purchase an additional 8.7 million shares at US $4.90 per share exercisable until December 31, 2017.

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