Why Seagen Shares Are Tumbling 12.5% Today

The launch of new cancer treatments this year continue to drive significant revenue growth for the biotech company. Demand for Padcev, which won approval for use in advanced urothelial cancer, helped Seagen's total product sales increase to $268 million last quarter, up 60% from the same quarter last year. Merck also secured global co-development and co-commercial rights to ladiratuzumab vedotin, a clinical-stage treatment for solid tumors, for $600 million up front.