Celldex settles Kolltan merger litigation; replaces up to $172.5M milestones with up to $82.5M in payments

Celldex Therapeutics, Inc.

Celldex to pay $15M cash upon signing formal settlement agreement; trial set for June 21, 2022 vacated.
Additional $15M due upon successful completion of Phase 2 trial of CDX-0159 (barzolvolimab), net of $2.5M credit.
Additional $52.5M upon first US FDA or EMA regulatory approval of a surviving company product.
New payments replace prior contingent milestones of up to $172.5M under the 2016 Merger Agreement; broad mutual releases.
Celldex maintains guidance; cash expected to fund operations through 2025 after paying the $15M initial payment.

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