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BRIEF-Immunomedics enters licensing agreement with Seattle Genetics
February 10, 2017 / 12:36 PM / 7 months ago

BRIEF-Immunomedics enters licensing agreement with Seattle Genetics

Feb 10 (Reuters) - Immunomedics Inc -

* Immunomedics enters into exclusive global licensing agreement with Seattle Genetics for Sacituzumab Govitecan (IMMU-132) with potential payments of up to approximately $2 billion, plus royalties

* For limited period, through Feb 19, 2017, co has right to continue negotiating with select number of parties, and accept superior proposal

* Co has right to accept superior proposal, terminate proposed development, license agreement upon payment of termination fee to Seattle Genetics

* Immunomedics and Seattle Genetics will each appoint representatives to serve on a joint steering committee

* Immunomedics will retain right to elect to co-promote IMMU-132 in United States by participating in 50 pct of sales effort

* JSC will be responsible for determining overall development, commercialization, & intellectual property strategy for IMMU-132

* Expects deal to “fulfill” its liquidity needs such that company can fund itself without additional equity raises for foreseeable future

* Upon closing of transaction, Immunomedics board and management will evaluate and prioritize company’s remaining clinical programs

* Seattle genetics to make up to $57 million equity investment for up to 9.9 pct stake in co via immediate purchase of common stock, 3-year warrant Source text for Eikon: Further company coverage:

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