Genmab grabs $134M as it restructures blockbuster GSK pact

Just weeks after Lisa Drakeman (photo) departed the CEO's post at Genmab, GlaxoSmithKline has engineered a big change to the $2.1 billion deal it struck with the Danish developer more than three years ago on Arzerra (ofatumumab). The troubled Genmab, which has watched its share price slide 90 percent, is getting $134 million upfront on the revised pact, but sees its milestone package cut in half. In the revised pact GSK takes responsibility for developing the therapy for autoimmune diseases...

Genmab CEO Drakeman bows out of the weakened biotech

A day after Genmab's battered stock spiked following renewed rumors of a GlaxoSmithKline takeover, the American CEO of the Danish biotech stood down from the helm and was replaced by the developer's chief scientific officer. Lisa Drakeman (photo) headed the company through its celebrated $2.1 billion partnership with GSK for the leukemia drug Arzerra. But as Reuters notes, the company has run into some trouble in subsequent clinical trials and has had to cut costs twice. Its stock has...

Genmab shares spike on fresh rumors of a Glaxo takeover

A little fresh speculation regarding some old talk about a possible GlaxoSmithKline takeover of Genmab inspired a spike in the Denmark developer's share price. "The stock value is so low it makes sense for GSK to make an offer for the entire company," analyst Peter Aabo told Bloomberg. Aabo calculated that with a market price of $373 million, only twice the amount of cash on its books, Genmab partner GlaxoSmithKline could easily snap it up. The two companies are collaborating on the cancer drug...