Shares of Seattle Genetics Inc. (SGEN), which touched an all-time high of $128 on April 7, 2020, have since lost 6 percent of their value and trade around $120.
The Company, which until the end of 2019 was a one-trick pony, marketing Adcetris, has now become a multi-product oncology company, following the rapid FDA approval of Padcev, and another drug candidate Tucatinib waiting at the FDA altar.
Adcetris, which is indicated for lymphoma, Hodgkin’s lymphoma, and mycosis fungoides, brought in annual sales of $628 million for Seattle Genetics in 2019 compared to $476.9 million in 2018.
The drug received its initial approval in August 2011, and its sales have increased over the years. For 2020, Seattle Genetics expects to report Adcetris sales in the range of $675 to $700 million.
Seattle Genetics has U.S. and Canadian commercialization rights and Takeda has rights to commercialize Adcetris in the rest of the world. The global sales of the drug exceeded $1 billion in 2019.
The Company’s Padcev received accelerated FDA approval as a monotherapy for urothelial carcinoma as recently as last December. Going by the number of ordering accounts received for the drug in January, Padcev seems to be gaining wide acceptance.
Padcev is also being evaluated in combination with Merck’s Keytruda in advanced or metastatic urothelial cancer. In addition, Padcev as a monotherapy is also under a phase II clinical trial in a range of solid tumors, including non-small cell lung, head and neck, gastric/esophageal and breast cancers.
Padcev is being co-developed and jointly commercialized with Astellas Pharma Inc.
Waiting at the FDA altar is Tucatinib, proposed for the treatment of patients with locally advanced unresectable or metastatic HER2-positive breast cancer, with a decision date set for August 20, 2020. The drug candidate is also under review in Europe, Australia, Singapore, Canada, and Switzerland.
Also in the pipeline is Tisotumab vedotin for the treatment of metastatic/recurrent cervical cancer, being developed in collaboration with Genmab A/S. A pivotal trial of Tisotumab vedotin in patients with recurrent and/or metastatic cervical cancer who have relapsed or progressed after standard-of-care treatment, dubbed innovaTV 204, is underway, with topline data expected in the first half of this year.
Seattle Genetics ended the year 2019 with $868.3 million in cash and investments.
SGEN has traded in a range of $62.90 to $128.00 in the last 1 year. The stock closed Thursday’s (Apr.9) trading at $120.32, up 0.53%.
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