Bank Of America Comments On Seattle Genetics Regulatory Discussions

According to Bank of America, Seattle Genetics SGEN and partner Takeda are in regulatory discussions to finalize a registration study for Adcetris in cutaneous T cell lymphoma (CTCL). Bank of America said that the company has strong rationale for studying its drug in CTCL following data from an earlier lymphoma study that showed resolution of cutaneous lesions in nearly all patients (N=14/15). “Our $22 PO is based on the sum-of-parts DCF analysis that includes $17/share for B-vedotin, $4/share for its ADC collaborations and $2/share for net cash.” Seattle Genetics closed on Friday at $18.94.