Novartis ends license agreement for cancer drug with Allarity Therapeutics for lack of payment

Al­lar­i­ty Ther­a­peu­tics’ 2018 li­cense agree­ment with No­var­tis for the can­cer drug dovi­tinib has come to an end due to lack of pay­ment, the Boston biotech said in SEC fil­ings.

The agree­ment, which li­censed dovi­tinib to Al­lar­i­ty for an un­spec­i­fied up­front fee, mile­stones and roy­al­ties, end­ed on Jan. 26. No­var­tis wrote Al­lar­i­ty “in­di­cat­ing their de­ci­sion to ter­mi­nate the Agree­ment based on ma­te­r­i­al breach for lack of fi­nan­cial pay­ment,” ac­cord­ing to SEC fil­ings.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.