Immunomedics, Seattle Genetics in ADC deal

Immunomedics Inc. (NASDAQ:IMMU) agreed to grant Seattle Genetics Inc. (NASDAQ:SGEN) exclusive rights to solid tumor candidate sacituzumab govitecan (IMMU-132). Immunomedics gained $0.93 (22%) to $5.23 on the news.

Seattle Genetics is to pay Immunomedics $250 million in cash up front for U.S., Canadian and EU rights. For rights outside those territories, Immunomedics may receive either $50 million more, or negotiated economic splits. The company is eligible for $1.7 billion in milestones, plus tiered double-digit royalties. Immunomedics has the option to co-promote sacituzumab in the U.S...