Pfizer ends brain cancer drug deal with Celldex

Associated Press

NEEDHAM -- Pfizer Inc. is pulling out of a development deal with Celldex Therapeutics Inc. on a potential brain cancer drug, saying it is not a strategic priority, Celldex said.

Celldex said it will regain full worldwide rights to develop and sell rindopepimut from Pfizer. The drug candidate is also called CDX-110. In May, the company reported positive results form a midstage study on the drug.

Celldex regains rights to the drug candidate on Nov. 1.

Shares of Celldex plunged $1.58, or 33 percent, to $3.20 in morning trading. The stock reached a 52-week low of $2.91 earlier in the trading session.

Shares of Pfizer rose 13 cents to $16.53.