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Novartis AGNVS has decided to terminate the Collaboration and License Agreement with Pliant Therapeutics, Inc.PLRX, announced in 2019.
Novartis told Pliant that the move was “part of its new strategy focusing on a limited number of therapeutic areas, to divest clinical nonalcoholic steatohepatitis (NASH) assets and, as a result, to discontinue the development of PLN-1474,” according to an SEC filing from Pliant.
The termination will take effect on April 18, 2023.
The agreement provided an early research program for up to three additional integrin targets.
The deal between Pliant and Novartis covered research for up to three other integrin targets. With Novartis pulling from the deal, that research collaboration will conclude in the first quarter of 2023.
Pliant received an upfront, non-refundable license fee of $50.0 million and was eligible to receive contingent payments of up to $416.0 million, of which $29.0 million has been received by the company.
Price Action: PLRX shares are down 2.79% at $31.20 on the last check Friday.
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