Rhythm Pharmaceuticals terminates setmelanotide license with RareStone for cause over clinical trial breaches

RHYTHM PHARMACEUTICALS, INC.

Terminated exclusive license for setmelanotide in Greater China (China, Hong Kong, Macao) effective Oct 28, 2022.
Termination for cause: RareStone materially breached obligations to fund and perform key clinical studies including EMANATE trial.
RareStone objects to termination and says formal response is forthcoming; potential dispute or litigation.
Agreement originally dated Dec 3, 2021 granted RareStone rights to develop and commercialize setmelanotide in Greater China.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RHYTHM PHARMACEUTICALS, INC. terminated RareStone License with RareStone Group Ltd. valued at Termination for cause (effective 2022-10-28).

Action: termination
Agreement: license
Counterparty: RareStone Group Ltd.
Value: Termination for cause
Effective: 2022-10-28

Exact text from the filing

On October 28, 2022, Rhythm Pharmaceuticals, Inc. (the “Company”) delivered written notice (the “Notice”) to RareStone Group Ltd. (“RareStone”) that the Company has terminated the exclusive license agreement, dated December 3, 2021, by and between the Company and RareStone (the “RareStone License”) for cause.

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Source: SEC EDGAR

accession 0001104659-22-114457

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