Sangamo Therapeutics shares plummet as Pfizer terminates a Hemophilia Drug Pact

What you need to know

• Sangamo Therapeutics lost half its value after Pfizer terminated a collaborative agreement.
• Two drugmakers worked on an adult treatment for hemophilia.
• Sangamo stated that they would be exploring other options to include finding a partner.

Sangamo Therapeutics shares (SGMO) fell more than 50% on Tuesday. This was a few days after Pfizer, a biopharmaceutical company announced they had walked away from their deal with Pfizer to jointly develop a blood disorder drug. 

Sangamo explained that it will regain development and commercialization rights to the medicine, known as giroctocogene fitelparvovec, following the decision by Pfizer to "terminate the global collaboration and license agreement between the parties."

Sangamo stated that Pfizer had reported in July a Phase 3-trial of giroctocogene, a gene therapy being investigated for adults suffering from moderately to severely severe hemophilia.

CEO Says Sangamo 'Disappointed by Pfizer's Decision'

CEO Sandy Macrae argued those results show the treatment "is well positioned for regulatory submissions and potential commercialization," and said the company is "disappointed by Pfizer's decision."  

Sangamo said it "intends to explore all options to advance the program, including seeking a potential new collaboration partner."

Sangamo Therapeutics’ shares fell 53% in recent trading, but they are more than 100% higher compared to the same period last year. Pfizer’s shares were slightly higher.

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