Chugai pulls out of Telomelysin deal with Oncolys
Japanese drugmaker Chugai Pharmaceutical (TYO: 4519) today announced that the company and oncology specialist Oncolys BioPharma (TYO: 4588) have agreed to terminate the license agreement concluded between the two companies on April 8, 2019 for an oncolytic viral immunotherapy OBP-301 (Telomelysin: suratadenoturev).
The effective date of the termination will be decided upon consultation with Oncolys, at the latest by October 2022. Upon termination of the agreement, all rights Chugai may have with respect to OBP-301 will be returned to Oncolys. There will be no payment or receipt of milestone fees between the two companies. Chugai’s shares edged up 1.6% to 3,984 yen on the news, while those of Oncolys turned volatile, lurching between 1,139 and 1,157 yen but ended the day barely changed.
Reasons for the termination
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