Sesen Bio terminates license agreement with Qilu Pharma; pays $1.4M termination fee

Carisma Therapeutics Inc.

Terminated exclusive license agreement with Qilu Pharmaceutical for Vicineum in Greater China.
One-time aggregate payment of $1,400,000 to Qilu ($1.2M termination fee + $200K contingent).
All rights to Vicineum in China, Hong Kong, Macau, and Taiwan revert to Sesen.
Sesen retains global rights to Vicineum and is exploring strategic alternatives with a financial advisor.

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

Carisma Therapeutics Inc. terminated Exclusive License Agreement with Qilu Pharmaceutical Co., Ltd. valued at $1,400,000 (effective 2022-12-23).

Action: termination
Agreement: license
Counterparty: Qilu Pharmaceutical Co., Ltd.
Value: $1,400,000
Effective: 2022-12-23

Exact text from the filing

On December 23, 2022, Sesen Bio, Inc. (“Sesen”) and Viventia Bio, Inc., a wholly-owned subsidiary of Sesen (“Viventia,” and together with Sesen, the “Company”), terminated the Exclusive License Agreement (the “License Agreement”) dated July 30, 2020 by and between Sesen, Viventia, and Qilu Pharmaceutical Co., Ltd. (“Qilu”), as well as other related agreements between the Company and Qilu

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Source: SEC EDGAR

accession 0001485003-22-000167

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