Investing.com -- Shares of Genmab (NASDAQ: GMAB ) fell sharply by 10% following news that Johnson & Johnson (NYSE: JNJ ) (J&J) will not exercise its option for a worldwide license to develop, manufacture, and commercialize HexaBody-CD38. The decision was announced on March 10, 2025, amidst Genmab’s evaluation of the drug’s clinical data and market landscape, leading to the conclusion not to further pursue its clinical development.

Genmab’s CEO, Jan van de Winkel, Ph.D., expressed disappointment over J&J’s decision but emphasized the clinical potential of the HexaBody platform and the company’s focus on its late-stage proprietary clinical pipeline. Despite the setback with HexaBody-CD38, van de Winkel highlighted the strength of EPKINLY® (epcoritamab) and two other assets, rinatabart sesutecan (Rina-S™) and acasunlimab, which are both in Phase 3 development.

The decision comes after Genmab provided J&J with data from a clinical proof-of-concept study, which included a head-to-head comparison with DARZALEX FASPRO® (daratumumab and hyaluronidase fihj) in patients with relapsed or refractory multiple myeloma. The preliminary data showed an overall response rate of 55% for HexaBody-CD38 compared to 52% for daratumumab, but with no significant differences in efficacy at this stage of the study.

Despite the promising initial data, the relatively short follow-up time meant that secondary efficacy endpoints such as duration of response, progression-free survival, and overall survival were not yet mature. The safety profile revealed no new findings, with treatment emergent adverse events consistent with expectations. Genmab plans to present more mature data at a future medical conference.

Genmab has reassured that this development will not affect its 2025 Financial Guidance, maintaining a strategic focus on its existing pipeline.

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