Immunomedics (IMMU) - Get Immunomedics, Inc. Report shareholders elected Friday to install an activist slate of four new directors, bringing to a close a protracted fight for control of the biotech company.
The newly elected directors were nominated by VenBio Select Advisor, the investment fund managed by Behzad Aghazadeh and Immunomedics' largest shareholder.
"We are very pleased with the preliminary results of today's vote, which clearly show that stockholders agree that real change is needed at Immunomedics," said Aghazadeh, in a statement.
Aghazadeh is one of the four new directors taking a seat on the Immunomedics board.
Immunomedics shares were up 3% to $5.35 following the vote announcement.
During the proxy fight for control of Immunomedics, VenBio accused management of undervaluing and essentially giving away its most valuable asset, the cancer drug IMMU-132, in a recently announced partnership with Seattle Genetics (SGEN) - Get Seagen, Inc. (SGEN) Report .
VenBio also sought the termination of Chairman, Chief Scientific Officer and Chief Patent Officer David Goldenberg, along with Cynthia Sullivan, the company's CEO and Goldenberg's wife.
"We look forward to getting to work quickly and collaborating with the rest of the elected Board to right the course of Immunomedics and driving true long-term value creation for all stockholders," added Aghazadeh.
The newly reconstituted board is likely to start a search for a new CEO and could either renegotiate the IMMU-132 deal with Seattle Genetics or cancel it.
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