Seattle Genetics’ bid to to develop and market a cancer-fighting drug from a New Jersey biotech firm was put on hold Thursday, according to online reports.
The Bothell company announced in February that it reached a deal with Immunomedics for $250 million upfront that could grow with additional payments to up to $2 billion.
The deal would give Seattle Genetics the exclusive worldwide rights to develop IMMU-132, which could fight tumors in breast, lung and bladder cancers.
A Delaware judge ordered a 30-day injunction on the deal as a result of a lawsuit brought by VenBio, a firm that is invested in Immunomedics, according to TheStreet.com.
Immunomedics saw its stock price jump with the news.
Investor website Motley Fool reported that investors are “clearly betting that the judge pausing the deal 30 days will ultimately result in a better deal — or perhaps a full sale of the company at a higher price.”