Item 1.01 Entry into a Material Definitive Agreement
On
Under the Agreement the parties will agree on up to three targets and will
co-develop T-cell therapies directed to those targets pursuant to an agreed
research plan. For each target, Astellas will fund co-development up until
completion of a Phase 1 trial for products directed to such target. Upon
completion of the Phase 1 trial for a product, Astellas and
If the parties progress with co-development and co-commercialization of a product, then each party will grant the other party a co-exclusive license to co-develop and co-commercialize such product in the field of T-cell therapy. If a product is developed solely by one party, then the other party will grant to the continuing party an exclusive license to develop and commercialize such product in the field of T-cell therapy.
In addition, Astellas is also granted the right to develop independently of
Under the terms of the agreement,
· An upfront payment of$50 million . · Development milestones of up to$73.75 million for each co-developed and co-commercialized product · Development milestones of up to$147.5 million per product and up to$110 million in sales milestones for products developed unilaterally by Astellas.
In addition,
Under the terms of the Agreement and in consideration for rights under certain
contributed Astellas technology, Astellas may receive up to
To the extent that Astellas and
Either party can terminate the Agreement in the event of material breach or
insolvency of the other party. Astellas can terminate the Agreement for
convenience in its entirety or partly in relation to any targets and products
directed to such targets.
In addition to the Agreement, the parties have also made amendments to the
pre-existing agreement between
The foregoing description of the Agreement and the amendment to the pre-existing
agreement is only a summary of the material terms thereof, and does not purport
to be complete. The description is qualified in its entirety by reference to the
Agreement and the amendment to the pre-existing agreement, which will be filed
as exhibits to the Company's Annual Report on Form 10-K for the year ended
Item 7.01 Regulation FD Disclosure.
Financial Guidance
Following the Astellas agreement, the Company believes that its existing cash, cash equivalents and marketable securities will fund the Company's current operations through the first quarter of 2021.
The information contained in Item 7.01 of this Form 8-K, including Exhibit 99.1 furnished herewith, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by the Company by specific reference in such a filing.
Item 8.01 Other Events
On
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description of Exhibit 99.1 Press release datedJanuary 14, 2020 104 Cover Page Interactive Date File (embedded within the Inline XBRL document)
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