Genmab A/S stock went down 1.8% on Monday. The company said it will stop developing its drug acasunlimab after reviewing its portfolio.
The Danish biotech firm said it wants to focus on projects that could have a bigger impact. They said the drug looked promising, but the field is very competitive. They plan to move resources to treatments with higher potential.
Jan van de Winkel, Genmab’s CEO, said the company carefully considered the decision. He added that while the acasunlimab data was encouraging, their main focus will be on projects that can bring the most benefit to patients and shareholders.
Genmab will focus on EPKINLY, petosemtamab, and rinatabart sesutecan in late-stage trials. The company says these drugs are showing strong progress.
Genmab has been developing antibody-based medicines for more than 25 years. The change in its pipeline will not affect its financial targets for 2025. The company already has eight approved antibody drugs and continues to push forward with its late-stage projects.
