- The shares of cancer biotech Seagen Inc. ( NASDAQ: SGEN ) dropped after the company announced an unfavorable outcome to its 2008 collaboration agreement with Japanese pharma company Daiichi Sankyo ( OTCPK:DSKYF ) ( OTCPK:DSNKY ) over the use of antibody-drug conjugate (ADC) technology.
- Issuing a decision, “the arbitrator ruled in favor of Daiichi Sankyo, citing statute of limitations and disagreement with Seagen on the interpretation of the contract,” the company said in a statement on Friday.
- “While we are disappointed with the arbitration decision, it was important for us to pursue this legal action,” Roger Dansey, the interim Chief Executive of Seagen ( SGEN ) remarked, adding, “this does not impact our existing business.”
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Seagen falls as arbitrator rules in favor of Daiichi Sankyo