Veltuzumab rights return from Takeda to Immunomedics

Immunomedics, Inc. has announced that the Company has received notification from Takeda Pharmaceutical Company of the termination of the licensing agreement signed between Nycomed GmbH (now a part of Takeda) and Immunomedics for the worldwide rights to veltuzumab, the humanized anti-CD20 antibody, for all non-cancer indications.

The notification was received subsequent to the Company�s filing of arbitration proceedings in an effort to resolve the dispute the Company has with Nycomed concerning delays in the development of veltuzumab, which the Company argues is a material breach of the licensing agreement. As a result of the termination, all rights to veltuzumab revert to the Company and both parties have begun discussions regarding the transition of veltuzumab back to the Company. In addition, the Company will continue to pursue the arbitration procedure to address its claim for damages due to delays in the development of veltuzumab and expects the arbitration to continue while the product transition takes place.