Shares in Sangamo Therapeutics dropped 50% premarket after Pfizer Inc (NYSE:PFE, ETR:PFE) ended its collaboration on a gene therapy for haemophilia
The drug, giroctocogene fitelparvovec, met its target in a late-stage trial, with Pfizer previously expected to seek regulatory approval in 2025.
“We were extremely surprised and very disappointed,” said Sangamo’s CEO, Sandy Macrae. The company is now exploring alternatives, including finding a new partner.
Pfizer stated that “limited interest” in another gene therapy option prompted its decision.
Sangamo had been set to receive up to $220 million in milestone payments under the agreement.
Hemophilia A treatments already face crowded competition.