Sangamo Therapeutics Stock Crashes as Pfizer Ends Hemophilia Drug Pact | Global News Avenue

Sangamo Therapy (SGMOOn Tuesday, the biopharmaceutical company announced that Pfizer (PTFE) withdrew from an agreement to jointly develop a hemophilia drug.

Sangamo explained that it will regain development and commercialization rights to the drug, called giroctocogene fitelparvovec, following Pfizer’s decision to “terminate the global collaboration and licensing agreement between the parties.”

Sangamo noted that in July, Pfizer reported a successful Phase 3 trial giroctocogene fitelparvovec, an investigational gene therapy for adults with moderate to severe hemophilia A.

CEO Sangamo says ‘disappointed’ with Pfizer’s decision

Chief executive Sandy Macrae believes the results show the therapy is “well-suited for regulatory submission and potential commercialization” and said the company is “disappointed with Pfizer’s decision.”

Sangamo said it “intends to explore all options to advance the program, including seeking potential new partners.”

Shares of Sangamo Therapeutics recently fell 53%, but are still up more than 100% year to date. Pfizer shares edged higher.