Seagen (SGEN) Issues Statement on Outcome of Daiichi Sankyo Arbitration, Says "Disappointed"
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(Updated - August 12, 2022 1:15 PM EDT)
Seagen Inc. (Nasdaq: SGEN) today issued a statement regarding the outcome of the arbitration with Daiichi Sankyo Co. Ltd. (“Daiichi Sankyo”) relating to the parties’ 2008 collaboration agreement for the use of Seagen’s antibody-drug conjugate (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 important for us to pursue this legal action,” said Roger Dansey, M.D., interim Chief Executive Officer and Chief Medical Officer, Seagen. “This does not impact our existing business. Looking forward, we are well-positioned to drive continued innovation and growth with four commercial products and a deep and diverse pipeline of promising programs. Seagen remains focused on developing innovative medicines that make a meaningful difference in the lives of cancer patients.”
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