GENMAB SHARES DROP ON LEGAL BATTLE WITH J&J OVER CANCER DRUG

摘要

Shares in Danish biotech firm Genmab fell as much as 14% on Wednesday after it said it was locked in a legal battle with its partner Johnson & Johnson over royalty payments for its key cancer drug. Genmab, which specialises in the development of antibody therapeutics for cancer treatment, currently receives royalties from Janssen, a Johnson & Johnson company, for sales of its blockbuster Darzalex drug for treatment of multiple myeloma. The Danish firm said late on Tuesday that a New York arbitration court will determine whether it is entitled to part of Janssen's royalty payments to Halozyme which supplies the enzyme technology for Darzalex injections. Janssen started reducing royalty payments to Genmab in the second quarter, the Danish firm said. The arbitration will also decide the duration of Darzalex royalty payments to Genmab, whether they should expire around 2030, when most of the Genmab patents expire, or in 2035 when Janssen's patents for Darzalex injections expire.