Genmab rises after partner J&J gets FDA approval for cancer drug
GMAB•Genmab shares rose 4% after partner Johnson & Johnson received FDA approval for Rybrevant Fasbro to treat head and neck cancer. Genmab is set to receive royalties of 8% to 10% of the drug’s net sales, Sydbank said.
1. Royalties and competition
Genmab shares rose 4% after Johnson & Johnson received FDA approval for Rybrevant Fasbro for head and neck cancer. Genmab is set to receive royalties of 8% to 10% of the drug’s net sales, which Sydbank said has already been approved for lung cancer.
2. Petosemtamab results
Sydbank said Genmab could also become a rival in the area with petosemtamab, after the drug posted positive Phase 3 data in a first reading. Those results sent Genmab shares to record highs in October; including the session’s gains, shares were up 81% year to date.
