The deal marks Gilead's latest big-ticket move into oncology this year, with Immunomedics' Trodelvy anticipated to reach $4 billion in peak sales. However, at least one analyst suggested Gilead may have overpaid.
Activist investor venBio had a good Friday. Seattle Genetics and Immunomedics did not. The two latter companies agreed to fold on their $2 billion oncology deal, while Immunomedics' CEO and CSO also forfeited their jobs.
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Seattle Genetics has secured global rights to Immunomedics' antibody-drug conjugate IMMU-132 (sacituzumab govitecan), currently in late-stage trials for triple-negative metastatic breast cancer. If the drug succeeds, the deal could be worth up to $2 billion.