Immunomedics plans to sue venBio to preserve Seattle Genetics deal for IMMU-132 – Seeking Alpha

In a statement, Immunomedics (IMMU -1.4%) says that if shareholder venBio takes control of the board after today's vote at the annual meeting, it "intends to seek expedited discovery and and an expedited trial" with respect to a 'multitude of illegal and ethically questionable actions" employed by venBio to "deceive other stockholders into voting for its slate."

The heart of the dispute is the company's exclusive licensing deal with Seattle Genetics (SGEN +1.2%) for cancer candidate IMMU-132, inked about a month ago. VenBio believes the terms of the agreement are too generous and wants Immunomedics to develop the product in-house.

Yesterday, a federal court denied the company's motion for emergency relief saying, "[s]hould the Annual Meeting go forward and the venBio nominees replace the current Board, and should [Immunomedics] subsequently prove the election results were tainted, the Court can exercise its equitable power to void the results of the Annual Meeting (should such action be warranted based on a full record)."

Previously: Immunomedics sues venBio in attempt to thwart takeover of board (Feb. 21)

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Immunomedics plans to sue venBio to preserve Seattle Genetics deal for IMMU-132 - Seeking Alpha

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