real-time news and commentary for investors
Wednesday, Oct 9
Immunomedics-Takeda licensing deal terminated, IMMU -6.8% AH
- Takeda Pharmaceutical has notified Immunomedics (IMMU) it's terminating a licensing deal between Takeda's Nycomed subsidiary and Immunomedics for worldwide rights to the latter's Veltuzumab antibody drug for non-cancer uses. (PR)
- Immunomedics says the notification was received after the company filed for arbitration proceedings in a dispute with Nycomed over delays in Veltuzumab development, arguing the delays amount to a "material breach" of the licensing deal.
- All rights to Veltuzumab revert back to Immunomedics. The company plans to continue pursuing its arbitration case as it works with Nycomed to fully transition Veltuzumab sales back to Immunomedics.