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Immunomedics

Immunomedics’ whirlwind in the C-suite continues

Immunomedics hasn’t had the most straight forward year, its $2 billion deal with Seattle Genetics was scuppered by activist investors, which eventually led to CEO, Cynthia Sullivan, and CSO, David Goldenberg, heading to the door.

Not long prior to this maelstrom, the company had lost its CFO, Peter Pfreundschuh, who decided to pursue other opportunities – ending up at Sucampo Pharmaceuticals, just before Mallinckrodt swooped to acquire it.

Board battle scuppers Seattle Genetics’ $2 billion licensing deal

In another example of the influence that activist investors can have on the direction of a business, the potentially $2 billion licensing deal between Seattle Genetics and Immunomedics has been called off. The about-turn happened as activist investors, venBio, within Immunomedics orchestrated a revolt against the deal, claiming the scalp of CEO Cynthia Sullivan and the founder of the company, David Goldenberg – who had worked as CSO and Chief Patent Officer.

Seattle Genetics' prospective $2 billion licensing deal not without controversy

Immunomedics announced on 10 February that it had entered a licensing agreement with Seattle Genetics for its leading experimental cancer drug, IMMU-132. The deal works out at $250 million up-front, with a further $50 million related to rights outside the US, Canada and the EU – the rest of $1.7 billion is tied up in future milestone payments.

Immunomedics' chief financial officer resigns, shares fall

Shares in Immunomedics (Nasdaq: IMMU) fell as much as 11% after the company said its chief financial officer Peter Pfreundschuh has stepped down to pursue other career opportunities.

He will be replaced by Michael Garone, the company said in a statement.

Immunomedics said Pfreundschuh’s resignation is unrelated to his work performance.

Cynthia Sullivan, chief executive, said: “Michael brings strong financial, strategic and business development experience, with a proven track record across multiple different industries.”

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