AstraZeneca pulls out of deal with Aridis
US biotech firm Aridis Pharmaceuticals (Nasdaq: ARDA) today revealed via a filing with the Securities and Exchange Commission (SEC) that it has received written notice from MedImmune, the global biologics R&D arm of Anglo-Swedish pharma major AstraZeneca (LSE: AZN), that it has terminated certain license agreement by and between MedImmune and the company dated as of July 12, 2021.
The decision was for non-payment of the upfront cash payment which was due on December 31, 2021.
The notice states that such termination shall be effective on March 30, 2023. As a result of the termination notice, the on-going AR-320-003, also known as suvratoxumab, Phase III clinical study must be put on hold. Aridis said it does not agree that it is in material breach of the license agreement. The monoclonal antibody is being trialled as a pre-emptive treatment for mechanically ventilated patients in intensive care who are colonized with S. aureus.
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