KPTI - Biogen terminates 2018 asset purchase agreement with Karyopharm Therapeutics

Cancer therapies developer Karyopharm Therapeutics (NASDAQ:KPTI) on Wednesday said it had been notified by Biogen (BIIB) that it had elected to terminate a 2018 asset purchase agreement between the two companies. As per the agreement dated Jan. 24, 2018, KPTI had sold to BIIB rights to its KPT-350 inhibitor. Biogen was developing KPT-350 for use in treating neurodegenerative disease amyotrophic lateral sclerosis. Karyopharm had got an upfront payment of $10M in 2018, and had been eligible to get additional milestone payments of up to $207M. "As a result of the termination, the company is not entitled to receive any milestone payments or royalties under the agreement," KPTI said in a U.S. SEC filing. The company said it had received the notice from Biogen on June 7. KPTI stock earlier closed -0.4% at $4.55.

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Biogen terminates 2018 asset purchase agreement with Karyopharm Therapeutics