Seattle Genetics withdrew its potential $2 billion deal after a shareholder revolt at New Jersey-based Immunomedics removed its top executives, according to The Seattle Times.
In February, Biotech Seattle Genetics agreed to pay $250 million upfront to license a potential solid-tumor drug developed by Immunomedics. Future milestone and royalty payments could have increased the total to $2 billion. But the companies agreed to terminate their licensing agreement over the drug, known as IMMU-132.
Immunomedics said its founder and his wife, the CEO, have stepped down, and the company has raised $125 million to fund the drug’s development on its own, the story said.
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