EQS-Adhoc: Subsidiaries of Vita 34 reach agreement with US licensor

Subsidiaries of Vita 34 reach agreement with US licensor

Leipzig, 9 August 2024 – Vita 34 AG announced on 27 September 2023 that its subsidiaries, FamiCordTx S.A. (“FamiCordTx”) and Polski Bank Komórek Macierzystych sp. z o.o. (“PBKM”) filed a lawsuit against a U.S. biotechnology company ("Licensor"), as the Licensor was unable to comply with the license agreement under which the FamiCordTx and PBKM had acquired an exclusive permission for the use of CAR-T technology (the "CAR-T Licence"). This means the Licensor could not grant the CAR-T Licence to the extent required for the project. Based on this license, FamiCordTx intended to develop and market cancer immunotherapy.

The civil action was filed on 27 September 2023 in a United States district court. The complaint alleged claims, among others, for material breach of the agreement by the Licensor. Despite the filing of the action, the parties involved continued negotiations in good faith to resolve this dispute. 

Today the parties completed their negotiations for a termination agreement of the original license agreement and a new know-how license agreement between FamiCordTx and PBKM on the one hand and the Licensor on the other, which solves the topic of the lawsuit.

The new know-how licensing agreement is limited in its scope and covers technology and know-how previously transferred by the Licensor to FamiCordTx and PBKM. The know-how licensing agreement secures access to the CAR-T technology required in particular for the modified projects and provides for lower-level market standard royalty payments by FamiCordTx and PBKM in case of commercial use or sale without milestone payments.

Notifying person: Jakub Baran (CEO)
 

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