Cartesian Therapeutics announces termination of license agreement with Astellas for Xork in Pompe disease

Cartesian Therapeutics, Inc.

Astellas terminated the License and Development Agreement effective June 6, 2024, for Xork product candidate.
Agreement provided exclusive license for Xork in combination with Astellas' gene therapy for Pompe disease.
Cartesian had received $10M upfront and was eligible for up to $340M in milestones and royalties; no early termination penalties.
After termination, Cartesian has no further financial commitments or liabilities related to Xork.
Future milestone and royalty payments from the deal are forfeited.

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

Cartesian Therapeutics, Inc. terminated License and Development Agreement with Audentes Therapeutics, Inc. ("Astellas") (effective 2024-06-06).

Action: termination
Agreement: license
Counterparty: Audentes Therapeutics, Inc. ("Astellas")
Effective: 2024-06-06

Exact text from the filing

On March 8, 2024, Cartesian Therapeutics, Inc. (the “Company”) received notice from Audentes Therapeutics, Inc. (“Astellas”) of Astellas’ termination of the License and Development Agreement, dated January 8, 2023, by and between the Company and Astellas (the “Agreement”).

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Source: SEC EDGAR

accession 0001453687-24-000039

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