Seagen down after arbitrator rules in favor of Daiichi in tech ownership dispute
12/08/2022 18:49
** Seagen Inc's shares SGEN.O fall 2.3% to $170.02
** Co says arbitrator has ruled in favor of Daiichi Sankyo
4568.T in a dispute relating to the companies' 2008
collaboration agreement
** Arbitrator cited statute of limitations and disagreement
with Seagen on the interpretation of the contract - SGEN
** SGEN contends that antibody-drug conjugate (ADC)
technology used in Daiichi's drug candidates are improvements to
its pioneering ADC technology, the ownership of which was
assigned to Seattle Genetics under terms of a 2008 collaboration
agreement
** While we are disappointed with the arbitration decision,
it was important for us to pursue this legal action - CEO
** SGEN says decision will not impact existing business
** Stock up ~10% YTD
(Reporting by Mrinalika Roy in Bengaluru)
((mrinalika.roy@thomsonreuters.com;))