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.
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.
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