Celldex settles Kolltan merger litigation; agrees to up to $80M in milestone payments

Celldex Therapeutics, Inc.

Celldex pays $15M upfront; future milestones replaced with $12.5M on successful Phase II of CDX-0159 (barzolvolimab) and $52.5M on first regulatory approval.
Litigation in Delaware Court of Chancery to be dismissed with prejudice; each side bears own fees.
Prior milestone obligations under the 2016 Kolltan merger agreement are superseded; remaining payments at Celldex's election in cash or stock.
Settlement releases all claims related to the merger agreement, including those in the lawsuit.

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