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Investing.com -- Shares of Genmab (NASDAQ:GMAB) fell 3.8% as the biotech company faces a legal challenge from AbbVie Inc (NYSE:ABBV). AbbVie has filed a complaint in the U.S. District Court for the Western District of Washington, alleging that Genmab and other defendants misappropriated trade secrets related to antibody-drug conjugates (ADCs).
The dispute centers on the use of disaccharides to improve the hydrophilicity of drug-linkers in ADCs, particularly in relation to Genmab’s rinatabart sesutecan (Rina-S™) and other ADC pipeline products of ProfoundBio. AbbVie is seeking damages and broad injunctive reliefs, although it is not enforcing any patent rights against Genmab at this time.
Genmab has strongly denied the allegations, stating it will vigorously defend against AbbVie’s claims. The company emphasizes that this lawsuit is one of several recent cases where AbbVie has accused competitors and former employees of trade secret misappropriation. Genmab acquired ProfoundBio in May 2024, and the complaint involves Rina-S, a clinical-stage ADC currently in Phase 3 development for ovarian cancer and other solid tumors.
Despite the litigation, Genmab continues to express confidence in its scientific foundation and track record in developing antibody-based medicines. The company plans to expand the development of Rina-S based on promising clinical data. Moreover, Genmab’s collaboration with AbbVie on epcoritamab remains unaffected, with ongoing commitment to the broad clinical development and commercialization of the drug.
Genmab has stated it will not provide further comments or information on the ongoing litigation until there is a decision on the merits, a material order is issued, or the litigation concludes. The market’s reaction to the lawsuit reflects concerns over the potential impact on Genmab’s pipeline and future prospects.
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