Pfizer Ends Brain Cancer Drug Deal With Celldex
From Associated Press (September 3, 2010)
NEEDHAM, Mass. -- Pfizer Inc. is pulling out of a development deal with Celldex Therapeutics Inc. on a potential brain cancer drug, saying it is not a strategic priority, Celldex said.
Celldex said it will regain full worldwide rights to develop and sell rindopepimut from Pfizer. The drug candidate is also called CDX-110. In May, the company reported positive results form a midstage study on the drug.
Celldex regains rights to the drug candidate on Nov. 1.
Shares of Celldex plunged $1.58, or 33 percent, to $3.20 in morning trading. The stock reached a 52-week low of $2.91 earlier in the trading session.
Shares of Pfizer rose 13 cents to $16.53.
Posted: September 2010