Genmab stock slides 7% as BioNTech ends acasunlimab collaboration

Shares of Genmab (GMAB) fell 7% Monday after the Danish biotech announced that partner BioNTech (NASDAQ:BNTX) has decided not pursue development of the oncology drug acasunlimab, which was being developed under a collaboration agreement.

As a result, Genmab will assume sole responsibility for development and commercialization of the product. BioNTech will continue to collaborate with Genmab on other programs under their existing agreements, which were expanded in 2022.

“While the emerging clinical profile of acasunlimab is encouraging, BioNTech informed the company that it has taken this decision for reasons relating to its portfolio strategy,” Genmab said in a statement.

Genmab plans to initiate a Phase 3 study of acasunlimab, a bispecific antibody, in the second half of 2024.

BioNTech will still receive payment for certain milestones and tiered single-digit royalties on future net sales. BioNTech’s decision to withdraw from the collaboration on acasunlimab is not expected to impact its 2024 financial guidance, Genmab added.

Earlier Monday, BioNTech reported a 23% drop in its Q2 revenue from last year, due primarily to decreased sales of its COVID-19 vaccine, which was co-developed with Pfizer (PFE).