OncoMed Says Celgene Won't Exercise Option to License Rosmantuzumab
October 17 2018 - 06:01PM
Dow Jones News
By Stephen Nakrosis
OncoMed Pharmaceuticals, Inc. (OMED) said Wednesday Celgene
Corp. (CELG) decided not to exercise its option to license
rosmantuzumab, and will terminate the "companies' collaboration
agreement with respect to rosmantuzumab, effective February 12.
OncoMed will retain worldwide rights to rosmantuzumab upon
termination.
OncoMed previously announced rosmantuzumab failed to provide
compelling evidence of clinical benefit in a Phase 1a/b clinical
trial in patients with solid tumors.
Last month, OncoMed said Celgene decided not to exercise its
option to license OncoMed's bispecific antibody navicixizumab.
Celgene continues to retain its option under the collaboration
agreement to license etigilimab, a drug being developed as a cancer
treatment.
OncoMed shares rose 20.5% in Wednesday trading, closing at
$2.76. In the after-hours session, shares were up 2.5% at
$2.83.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 17, 2018 18:46 ET (22:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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