Seattle Genetics Submits Arbitration Demand Against Daiichi Sankyo Over Technology Ownership
BOTHELL, Wash.--(BUSINESS WIRE)--Nov 12, 2019--
Seattle Genetics, Inc. (Nasdaq:SGEN) today announced that it has submitted an arbitration demand to the American Arbitration Association to resolve its dispute with Daiichi Sankyo Co. Ltd. regarding the ownership of certain technology used by Daiichi Sankyo in its metastatic breast cancer drug candidate (DS-8201, [Fam-] trastuzumab deruxtecan), among other product candidates. Seattle Genetics contends that the linker and other ADC technology used in these drug candidates are improvements to Seattle Genetics’ pioneering ADC technology, the ownership of which was assigned to Seattle Genetics under the terms of a 2008 collaboration agreement between the two companies.
Seattle Genetics has been abiding by the agreement’s dispute resolution provisions. Last week, Daiichi Sankyo attempted to circumvent the dispute resolution process underway between the parties by filing a declaratory judgment action in the United States District Court for the District of Delaware. Seattle Genetics’ demand is intended to place the dispute in arbitration in Seattle, Washington, where it belongs under the agreement.
Seattle Genetics is committed to protecting the company’s intellectual property rights as it continues to find revolutionary new treatments for cancer patients.
About Seattle Genetics
Seattle Genetics, Inc. is an emerging multi-product, global biotechnology company that develops and commercializes transformative therapies targeting cancer to make a meaningful difference in people’s lives. ADCETRIS ® (brentuximab vedotin) utilizes the company’s industry-leading antibody-drug conjugate (ADC) technology and is currently approved for the treatment of multiple CD30-expressing lymphomas. Beyond ADCETRIS, the company has a late-stage pipeline including enfortumab vedotin for metastatic urothelial cancer, currently being reviewed for approval by the FDA, and tisotumab vedotin in clinical trials for metastatic cervical cancer, which utilize our proprietary ADC technology. In addition, tucatinib, a small molecule tyrosine kinase inhibitor, is in late-stage development for HER2-positive metastatic breast cancer and in clinical development for metastatic colorectal cancer. We are also leveraging our expertise in empowered antibodies to build a portfolio of proprietary immuno-oncology agents in clinical trials targeting hematologic malignancies and solid tumors. The company is headquartered in Bothell, Washington, and has a European office in Switzerland. For more information on our robust pipeline, visit www.seattlegenetics.com and follow @SeattleGenetics on Twitter.
Forward Looking Statement
Certain of the statements made in this press release are forward looking, such as those, among others, relating to the company’s position relating the ownership of the specified technology. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the inherent uncertainties associated with legal actions. More information about the risks and uncertainties faced by Seattle Genetics is contained under the caption “Risk Factors” included in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL RESEARCH CLINICAL TRIALS PROFESSIONAL SERVICES BIOTECHNOLOGY HEALTH PHARMACEUTICAL SCIENCE ONCOLOGY
SOURCE: Seattle Genetics, Inc.
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PUB: 11/12/2019 05:15 PM/DISC: 11/12/2019 05:15 PM