- Novartis AG NVS has decided to terminate its collaboration and license agreement with Pryant Therapeutics, Inc.PLRXannounced in 2019.
- Novartis told Pliant that the move was “a new drug that will focus on a limited number of therapeutic areas, divest clinical assets in non-alcoholic steatohepatitis (NASH) and, as a result, cease development of PLN-1474.” It’s part of our strategy,” he said. SEC filing from Pliant.
- Termination will take effect on April 18, 2023.
- The agreement provided an early research program for up to three additional integrin targets.
- Also Read: Pliant Therapeutics stock surges after positive data from lead program in scarring lung disease.
- The agreement between Pliant and Novartis covered the study of up to three other integrin targets. With Novartis withdrawing from the contract, the research collaboration will end in his first quarter of 2023.
- Pliant received an upfront, non-refundable license fee of $50 million and was eligible to receive contingent payments of up to $416 million, of which $29 million was received by the company.
- Price action: PLRX shares fell 2.79% to $31.20 on Friday’s final check.
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