Seagen Statement on Outcome of Daiichi Sankyo Arbitration

Rhea-AI Summary

Seagen Inc. announced the outcome of an arbitration ruling in favor of Daiichi Sankyo regarding their 2008 collaboration on antibody-drug conjugate technology. The arbitrator cited statute of limitations and contract interpretation disagreements. Interim CEO Roger Dansey expressed disappointment but emphasized that this decision does not affect their existing business operations. Seagen continues to focus on innovation and growth with four commercial products and a robust pipeline aimed at improving cancer treatment outcomes.

Positive

• Seagen is well-positioned for continued innovation and growth.
• The company has four commercial products and a promising pipeline of programs.

Negative

• The arbitration ruling favored Daiichi Sankyo, affecting the collaboration agreement.

BOTHELL, Wash.--(BUSINESS WIRE)-- 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.”

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 as those, among others, relating to Seagen’s continued innovation and growth, as well as its pipeline. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, the risk that the company’s financial results may not be as expected and the difficulty and uncertainty of pharmaceutical product development. More information about the risks and uncertainties faced by the company is contained under the caption “Risk Factors” included in Seagen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission. Seagen disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.

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

For Media

David Caouette

(310) 430-3476

dcaouette@seagen.com

For Investors

Peggy Pinkston

(425) 527-4160

ppinkston@seagen.com

Source: Seagen Inc.

FAQ

What was the outcome of the arbitration between Seagen and Daiichi Sankyo?

The arbitrator ruled in favor of Daiichi Sankyo, citing statute of limitations and interpretation disagreements.

How does the arbitration ruling affect Seagen's business?

Seagen stated that the ruling does not impact their existing business operations.

What does Seagen plan to focus on following the arbitration decision?

Seagen plans to continue driving innovation and growth with its commercial products and pipeline.

When was the arbitration ruling announced for Seagen?

The arbitration ruling was announced on the same day as the press release, with no specific date provided.