Immunomedics has received notification from Takeda, big pharma company, of the termination of the licensing pharma partnership agreement signed between Nycomed GmbH and Immunomedics for the worldwide rights to veltuzumab, the humanized anti-CD20 antibody, for all non-cancer indications.
The notification was received subsequent to the Company's filing of arbitration proceedings in an effort to resolve the dispute the Company has with Nycomed concerning delays in the development of veltuzumab, which the Company argues is a material breach of the licensing agreement.
As a result of the pharma partnership termination, all rights to veltuzumab revert to the Company and both parties have begun discussions regarding the transition of veltuzumab back to the Company.
In addition, the Company will continue to pursue the arbitration procedure to address its claim for damages due to delays in the development of veltuzumab and expects the arbitration to continue while the product transition takes place.
The Company licensed the worldwide rights to develop, manufacture and commercialize veltuzumab, in the subcutaneous formulation, for the treatment of all non-cancer indications to Nycomed GmbH in July 2008.
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