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Copenhagen-based biotech firm Genmab (CSE:GMAB) A/S disclosed today that Johnson & Johnson will not advance the HexaBody-CD38 program, as detailed in a recent SEC filing. The announcement was made in a Form 6-K report, which is incorporated by reference into Genmab’s registration statements.
HexaBody-CD38, a proprietary Genmab technology, was under evaluation by Janssen Biotech, Inc., a Johnson & Johnson company, for potential therapeutic applications. The decision not to proceed with the program comes directly from Janssen, although specific reasons behind the decision were not disclosed in the filing.
Genmab’s Executive Vice President & Chief Financial Officer, Anthony Pagano, signed the report dated today, affirming the company’s compliance with the requirements of the Securities Exchange Act of 1934. The Form 6-K report is a routine disclosure that publicly traded foreign companies must file with the U.S. Securities and Exchange Commission (SEC), providing updates on material corporate events.
The 6-K filing also indicates that Genmab, which specializes in the field of pharmaceutical preparations, will continue to file annual reports under Form 20-F, adhering to the regulatory standards set forth by the SEC.
Investors and stakeholders of Genmab A/S, which trades under the ticker symbol (NASDAQ:GMAB), may be attentive to the implications of this development on the company’s product pipeline and strategic partnerships. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations, with four analysts recently revising their earnings estimates upward for the upcoming period. As the company has multiple ongoing projects and collaborations, the discontinuation of the HexaBody-CD38 program represents a single aspect of its broader research and development efforts, which have generated impressive revenue growth of 30.7% over the last twelve months.
The report is available for public review and serves as an official document that ensures transparency in the operations of foreign companies listed on U.S. exchanges. It is important to note that all the information in this article is based on the statements made in the press release and the SEC filing by Genmab A/S.
In other recent news, Genmab announced that Johnson & Johnson will not proceed with a worldwide license for HexaBody-CD38, despite Genmab’s ongoing evaluation of the drug’s clinical data. This decision follows a clinical proof-of-concept study that showed a 55% overall response rate for HexaBody-CD38, which was slightly higher than the 52% for DARZALEX FASPRO®. Genmab’s CEO emphasized the potential of their HexaBody platform and highlighted the strength of their other late-stage assets. Separately, Genmab reported recent managerial share transactions and filed the details with the Securities and Exchange Commission, a move that ensures transparency and compliance with regulatory requirements.
Additionally, Genmab granted restricted stock units and warrants to its management and employees, aligning their interests with shareholders. The company also increased its share capital following the exercise of employee warrants, a common practice to motivate staff by providing them an ownership stake. Genmab has scheduled its annual general meeting, as disclosed in a recent filing, with further details to be announced. These developments reflect Genmab’s ongoing efforts in corporate governance and employee incentives.
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