Activist Investor to Block Partnership of Immunomedics and Seattle Genetics - TheStreet

Activist Investor to Block Partnership of Immunomedics and Seattle Genetics

The largest shareholder of Immunomedics, VenBio, asks for an injunction against its partnership with Seattle Genetics.
Author:
Publish date:

The largest shareholder of Immunomedics (IMMU) - Get Report , VenBio, seeks an injunction against its partnership with Seattle Genetics (SGEN) - Get Report .

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.

This article was written by 

a staff member of TheStreet

.