Seattle Genetics Diversifies Beyond ADCs With Cascadian Acquisition
The biotech already was looking to move into solid tumors, particularly breast cancer, with its antibody-drug conjugates, but now will take over a promising oral candidate in pivotal studies in HER2-positive breast cancer.
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Merck & Co. will pay Seattle Genetics $725m up front in cash under the two deals and make a $1bn equity investment in the company, providing financial flexibility to broadly fund the pipeline.
The company expects to file an NDA for tucatinib in the first quarter after a pivotal trial showed a significant improvement in PFS and OS for patients with advanced or metastatic HER2-positive breast cancer, including those with brain metastases.
Highlights from the past year's financings include BeiGene's $800m follow-on offering in the US and $903m Hong Kong IPO, Moderna's $560m Series G round and $604m IPO, and Allogene's $300m Series A and $373m IPO.