Seattle Genetics, Genentech end collaboration developing cancer treatment Print E-mail
By Staff and Wire Reports   
Friday, 11 December 2009 17:08
Development-stage biotechnology company Seattle Genetics, Inc. (NASDAQ:SGEN) said Friday Genentech, Inc.(NYSE:DNA) has ended a collaboration to develop the cancer treatment dacetuzumab.

The termination date for the agreement with Genentech will be June 8. All rights to the drug will be returned to Seattle Genetics, the company said in a statement.

Genentech, a unit of Roche Group, will still be responsible for costs tied to the completion of ongoing clinical trials. Dacetuzumab is being studied as a treatment of non-Hodgkin lymphoma and multiple myeloma.

In October, Seattle Genetics said it had ended a mid-stage chemotherapy trial involving dacetuzumab because results were unlikely to meet expectations when compared to a placebo.

Seattle Genetics said Friday an antibody-drug conjugate collaboration with Genentech is not affected by the termination.

Seattle Genetics shares slid to $8.74-0.24 (-2.67%).

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