Post by
Noteable on Aug 03, 2023 12:53pm
Seagen deprioritizes ADC that previously was $1.6 Bln deal
August 03, 2023 - Seagen has deprioritized work on anti-body drug conjuate (ADC) ladiratuzumab vedotin, the biotech quietly disclosed quietly on Wednesday.
https://endpts.com/seagen-deprioritizes-antibody-drug-candidate-from-4-2b-merck-deal/
In September 2020 Merck unveiled a $1.6 billion licensing deal for Seattle Genetics’ experimental ADC ladiratuzumab vedotin (LV), which is already being paired with Keytruda in clinical trials in metastatic triple-negative breast cancer (TNBC).
For Merck, the deal was to give the company a foothold in the ADC arena.
That decision cost Merck a sizable sum. In addition to the $600 million upfront and $1 billion investment—which priced 33% above Seattle Genetics’ close on the day of the announcement—Merck had further committed to up to $2.6 billion in milestones in te single cancer indication of TNBC.
https://www.fiercepharma.com/marketing/merck-s-seattle-genetics-adc-deal-extends-blockbuster-keytruda-franchise-analyst
Comment by
Noteable on Aug 03, 2023 1:08pm
This development to drop the further development of the antibody-drug conjugate (ADC) reveals that any current licensing agreement for a single indication is worth US$600 million + a US$1 Billion investment in the stock of the company. A further investment of US$2.6 Billion was to be a follow-up milestone payment in this upfront payment + stock purchase + follow-up bio-buck deal.
Comment by
Noteable on Aug 03, 2023 1:48pm
Pfizer's US$43 Billion offer for Seagen seems even more precarious notwithstanding the position the FTC is taking on preceived monopolies like it is taking on the Amgen-Horizon merger.