May 13 (Reuters) – Allogene Therapeutics said on Wednesday it has ended a key partnership for developing cell therapies in parts of Asia and reworked its equity stake in partner Overland Therapeutics.
• It terminated its licensing deal with Overland Therapeutics covering certain cancer cell therapies in China, Taiwan, South Korea and Singapore.
• The agreement, signed in 2020, had allowed Overland to develop and sell treatments targeting proteins linked to blood cancers and solid tumors.
• As part of the restructuring, Allogene gave up a portion of its Overland stake without compensation and expects to hold about 3% of its equity on a fully diluted basis.
• The termination took effect May 12 and no payments were made by either side as part of the exit.
• Both parties agreed to release any claims related to the deal up to the termination date.
• Allogene had previously received $40 million upfront and shares in Overland under the partnership.
• The company also amended its shareholder agreement with Overland to reflect revised ownership and governance terms.
(Reporting by Sahil Pandey in Bengaluru; Editing by Shailesh Kuber)
