VenBio accuses Immunomedics management of undervaluing and essentially giving away cancer drug IMMU-132. The activist wants to delay the deal with Seattle Genetics until after a shareholders' proxy vote. VenBio hopes to oust Immunomedics' management team and board of directors.
Winning the proxy contest wouldn't mean much if the future development of IMMU-132 was already under the control of Seattle Genetics.
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