Carisma Therapeutics Notifies Novartis Pharmaceuticals of Terminated Manufacturing, Supply Agreement
By Denny Jacob
Carisma Therapeutics notified Novartis Pharmaceuticals that it terminated its manufacturing and supply agreement.
The clinical stage biopharmaceutical company said the termination is effective July 31, according to a securities filing. The agreement, which dates back to March 2023, covers the manufacturing of Carisma's CT-0508.
Carisma will incur a termination fee equal to $4 million, which is expected to be paid in the third quarter.
Separately, the company and Novartis agreed that if a future agreement takes place for the transfer of another product to Novartis on or before Dec. 31, then the termination fee shall be credited against any amounts due from Carisma to Novartis.
Carisma said in April that it would cease further development of CT-0508, a cancer treatment candidate, and prioritize CT-0525.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 02, 2024 17:41 ET (21:41 GMT)
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