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.
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Celgene Charts.
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Celgene Charts.