Seagen loses arbitration against Daiichi Sankyo over drug technology

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Seagen Argument on Effect of Daiichi Sankyo Arbitration

BOTHELL, Wash., Baronial 12, 2022--(BUSINESS WIRE)--Seagen Inc. (Nasdaq: SGEN) today issued a argument regarding the upshot of the arbitration with Daiichi Sankyo Co. Ltd. ("Daiichi Sankyo") relating to the parties' 2008 collaboration agreement for the use of Seagen's antibiotic-drug cohabit (ADC) technology. The arbitrator ruled in favor of Daiichi Sankyo, citing statute of limitations and disagreement with Seagen on the interpretation of the contract.

"While we are disappointed with the arbitration decision, it was of import for us to pursue this legal activity," said Roger Dansey, M.D., interim Main Executive Officer and Chief Medical Officer, Seagen. "This does non impact our existing business. Looking frontward, we are well-positioned to drive continued innovation and growth with 4 commercial products and a deep and various pipeline of promising programs. Seagen remains focused on developing innovative medicines that make a meaningful difference in the lives of cancer patients."

About Seagen

Seagen Inc. is a global biotechnology company that discovers, develops and commercializes transformative cancer medicines to make a meaningful difference in people's lives. Seagen is headquartered in the Seattle, Washington area, and has locations in California, Canada, Switzerland and the European Union. For more information on the company's marketed products and robust pipeline, visit www.seagen.com and follow @SeagenGlobal on Twitter.

Forward Looking Statements

Certain of the statements made in this press release are forward looking, such equally those, amongst others, relating to Seagen's continued innovation and growth, besides as its pipeline. Actual results or developments may differ materially from those projected or unsaid in these forward-looking statements. Factors that may crusade such a divergence include, without limitation, the risk that the company's financial results may not exist every bit expected and the difficulty and uncertainty of pharmaceutical product development. More information about the risks and uncertainties faced by the company is independent under the explanation "Risk Factors" included in Seagen's Quarterly Report on Class 10-Q for the quarter concluded June xxx, 2022, filed with the Securities and Commutation Commission. Seagen disclaims any intention or obligation to update or revise any forward-looking statements, whether as a consequence of new information, hereafter events or otherwise except as required by applicative law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220812005378/en/

Contacts

For Media
David Caouette
(310) 430-3476
dcaouette@seagen.com

For Investors
Peggy Pinkston
(425) 527-4160
ppinkston@seagen.com

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Source: https://finance.yahoo.com/finance/news/seagen-statement-outcome-daiichi-sankyo-171400281.html

Posted by: pacepura1985.blogspot.com

Seagen loses arbitration against Daiichi Sankyo over drug technology

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Dow 30

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Gold

Silverish

EUR/USD

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GBP/USD

USD/JPY

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CMC Crypto 200

FTSE 100

Nikkei 225

Seagen Argument on Effect of Daiichi Sankyo Arbitration

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