Celldex Plunging On Loss Of Pfizer Deal (CLDX)

Shares of Celldex Therapeutics, Inc. (NASDAQ: CLDX) are plunging this morning, after Pfizer (NYSE: PFE) decided to end its partnership with the small biotech company.

Pfizer Inc. decided to pull out of the deal with Celldex Therapeutics Inc. on a potential brain cancer drug, saying this is not a strategic priority for Pfizer, according to Celldex.

As a result, Celldex will regain full worldwide rights to develop and sell rindopepimut from Pfizer. The drug candidate is also called CDX-110.

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

Shares of Celldex are down $1.46, a loss of 30.5% to trade at $3.32.

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