“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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