Seattle Genetics Submits Arbitration Demand Against Daiichi Sankyo Over Technology Ownership
November 12 2019 - 5:15PM
Business Wire
Seattle Genetics, Inc. (Nasdaq:SGEN) today announced that it has
submitted an arbitration demand to the American Arbitration
Association to resolve its dispute with Daiichi Sankyo Co. Ltd.
regarding the ownership of certain technology used by Daiichi
Sankyo in its metastatic breast cancer drug candidate (DS-8201,
[Fam-] trastuzumab deruxtecan), among other product candidates.
Seattle Genetics contends that the linker and other ADC technology
used in these drug candidates are improvements to Seattle Genetics’
pioneering ADC technology, the ownership of which was assigned to
Seattle Genetics under the terms of a 2008 collaboration agreement
between the two companies.
Seattle Genetics has been abiding by the agreement’s dispute
resolution provisions. Last week, Daiichi Sankyo attempted to
circumvent the dispute resolution process underway between the
parties by filing a declaratory judgment action in the United
States District Court for the District of Delaware. Seattle
Genetics’ demand is intended to place the dispute in arbitration in
Seattle, Washington, where it belongs under the agreement.
Seattle Genetics is committed to protecting the company’s
intellectual property rights as it continues to find revolutionary
new treatments for cancer patients.
About Seattle Genetics
Seattle Genetics, Inc. is an emerging multi-product, global
biotechnology company that develops and commercializes
transformative therapies targeting cancer to make a meaningful
difference in people’s lives. ADCETRIS® (brentuximab vedotin)
utilizes the company’s industry-leading antibody-drug conjugate
(ADC) technology and is currently approved for the treatment of
multiple CD30-expressing lymphomas. Beyond ADCETRIS, the company
has a late-stage pipeline including enfortumab vedotin for
metastatic urothelial cancer, currently being reviewed for approval
by the FDA, and tisotumab vedotin in clinical trials for metastatic
cervical cancer, which utilize our proprietary ADC technology. In
addition, tucatinib, a small molecule tyrosine kinase inhibitor, is
in late-stage development for HER2-positive metastatic breast
cancer and in clinical development for metastatic colorectal
cancer. We are also leveraging our expertise in empowered
antibodies to build a portfolio of proprietary immuno-oncology
agents in clinical trials targeting hematologic malignancies and
solid tumors. The company is headquartered in Bothell, Washington,
and has a European office in Switzerland. For more information on
our robust pipeline, visit www.seattlegenetics.com and follow
@SeattleGenetics on Twitter.
Forward Looking Statement
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to the company’s
position relating the ownership of the specified technology. Actual
results or developments may differ materially from those projected
or implied in these forward-looking statements. Factors that may
cause such a difference include the inherent uncertainties
associated with legal actions. More information about the risks and
uncertainties faced by Seattle Genetics is contained under the
caption “Risk Factors” included in the company’s Quarterly Report
on Form 10-Q for the quarter ended September 30, 2019 filed with
the Securities and Exchange Commission. Seattle Genetics disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191112006111/en/
Media: Monique Greer (425) 527-4641 mgreer@seagen.com
Investors: Peggy Pinkston (425) 527-4160
ppinkston@seagen.com
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