|Seattle Genetics, Genentech end collaboration developing cancer treatment|
|By Staff and Wire Reports|
|Friday, 11 December 2009 17:08|
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%).