Passage Bio amends Catalent agreements, eliminates $10.6M annual minimum purchase obligation

Passage BIO, Inc.

Eliminated $10.6M/year minimum purchase obligation and Clean Room Suite fee through Nov 2025.
Company to pay Catalent $6.0M total between June 2023 and May 2024 in consideration.
Extended term to Nov 6, 2030; limited exclusive relationship for AAV product candidates for FTD and GM1.
Exclusive relationship may convert to non-exclusive if Catalent fails performance standards or upon certain divestiture events.
Company may terminate for convenience in certain transactions, subject to termination fee.

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

Passage BIO, Inc. amended Letter Agreement II with Catalent Maryland, Inc. valued at $6.0 million (effective 2023-03-31).

Action: amendment
Agreement: supply
Counterparty: Catalent Maryland, Inc.
Value: $6.0 million
Effective: 2023-03-31

Exact text from the filing

Letter agreement II (“ Agreement II ” and together with Agreement I, the “Letter Agreements” ) extended the term of the Existing Agreements until November 6, 2030, and established a limited exclusive relationship between the Company and Catalent for the manufacture of bulk drug substance and drug product for the Company’s adeno-associated virus delivery therapeutic product candidates for the treatment of frontotemporal dementia and GM1 gangliosidosis (the “ Product Candidates ”).

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

Passage BIO, Inc. amended Letter Agreement I with Catalent Maryland, Inc. valued at $10.6 million per year (effective 2023-03-31).

Action: amendment
Agreement: license
Counterparty: Catalent Maryland, Inc.
Value: $10.6 million per year
Effective: 2023-03-31

Exact text from the filing

Letter agreement I (“ Agreement I ”) eliminated the minimum annual purchase obligation and the obligation to pay an annual fee for use of the Clean Room Suite, thereby eliminating the annual minimum commitment of $10.6 million per year owed to Catalent through November 2025 under the Existing Agreements.

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Passage BIO, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-005571

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