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- Two big-name partners have walked away from partnerships with Sangamo Therapeutics Inc (NASDAQ: SGMO) over a few days.
- On Friday, the company filed an SEC document, Novartis AG (NYSE: NVS) terminated the Collaboration and License Agreement dated July 27, 2020, effective June 11, 2023.
- The Novartis and Sangamo were engaged in programs to research gene regulation therapies to treat three neurodevelopment disorders.
- Novartis has indicated to Sangamo that the termination relates to a recent strategic review.
- Also Read: Sangamo Therapeutics Shares Updated Data From Fabry Gene Therapy Study, Says It Shows Evidence Of Clinical Benefit.
- Biogen Inc (NASDAQ: BIIB) also terminated the agreement dated February 26, 2020. Biogen and Sangamo were engaged in programs to research and develop gene regulation therapies to treat neurological diseases.
- “For three of the four product candidates, Sangamo had achieved predetermined proof of mechanism objectives and had advanced research activities to late-stage preclinical testing with lead candidates,” the company wrote.
- Sangamo says it will investigate alternative options to push those programs forward, “including potential development internally or with a collaboration partner, dependent on the outcome of a broader strategic review of its preclinical pipeline of therapies to treat patients suffering from central nervous system (“CNS”) disorders.”
- Biogen paid Sangamo a $125 million upfront license fee. Under the Novartis Agreement, Novartis paid Sangamo a $75 million upfront license fee, and Sangamo was eligible to earn up to $720 million in milestone payments from Novartis.
- Price Action: SGMO shares are down 3.23% at $1.95 on the last check Monday.
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