SEATTLE, Wash. (
ended its partnership with
for the experimental lymphoma drug SGN-40, the companies announced Friday.
Rights to SGN-40, also known as dacetuzumab, will be returned to Seattle Genetics next June. Genentech made the decision to give up on the drug after a review of its drug pipeline, the company said.
SGN-40 is a humanized monoclonal antibody being studied in non-Hodgkin's lymphoma and multiple myeloma. In October, Seattle Genetics discontinued a phase II study of SGN-40 in B-cell lymphoma after independent trial monitors determined that patients were not benefiting from the drug.
Seattle Genetics' lead drug is brentuximab, or SGN-35, which is enrolling patients in a pivotal phase III study of Hodgkin's lymphoma.
Seattle Genetics' shares closed Thursday at $8.98.
-- Reported by Adam Feuerstein in Boston
Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;
to send him an email.