Settlement also resolves disputes with shareholders

US biotechnology firms Seattle Genetics and Immunomedics have broken off their planned licensing deal for Immunomedics’ experimental cancer antibody IMMU-132 (sacituzumab govitecan).

The deal had been hampered by legal action from Immunomedics shareholders, including investment fund venBio. Immunomedics has proposed to settle this litigation following cancellation of the deal. As part of the settlement agreement, Immunomedics’s chief executive, Cynthia Sullivan, will leave the company. Founder David Goldenberg will also step down as chief science officer, although he will retain a seat on the board. Behzad Aghazadeh from venBio has assumed the role of Chairman.