Foghorn Therapeutics receives notice from Merck terminating collaboration agreement effective Nov 7, 2023

Foghorn Therapeutics Inc.

Merck terminates Research Collaboration and Exclusive License Agreement effective November 7, 2023, citing internal portfolio prioritization.
Agreement granted Merck exclusive global rights to develop and commercialize drugs targeting a single transcription factor.
Foghorn had received total of $20 million from Merck under the agreement (signed July 2, 2020).
Foghorn loses potential future milestones and royalties from the collaboration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Foghorn Therapeutics Inc. terminated Research Collaboration and Exclusive License Agreement with Merck Sharp & Dohme Corp. valued at $20 million received under the Agreement (effective 2023-11-07).

Action: termination
Agreement: license
Counterparty: Merck Sharp & Dohme Corp.
Value: $20 million received under the Agreement
Effective: 2023-11-07

Exact text from the filing

On August 9, 2023, Foghorn Therapeutics Inc. (the “Company”) received notice from Merck Sharp & Dohme Corp. (“Merck”) that Merck is terminating the Research Collaboration and Exclusive License Agreement between the Company and Merck, dated as of July 2, 2020 (the “Agreement”). The termination of the Agreement will be effective as of November 7, 2023.

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Source: SEC EDGAR

accession 0001628280-23-028846

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