July 7, 2022 12:20pm
The original agreement provided Verve with an exclusive, worldwide, sublicensable license under certain of Beam’s base editing, gene editing, and delivery technologies for applications against four liver-mediated cardiovascular disease targets and two undisclosed gene targets.
Under the amendment, Beam granted Verve a license toward an additional liver-mediated cardiovascular disease target. VERV will be responsible for developing and commercializing products targeting such genes, subject to BEAM’s opt-in right.
Following the final dosing of a patient in the P1 trial of a licensed product for such gene, Beam can opt-in to share 35% of development costs, commercializing costs, and profits. If Beam does not opt-in, it would be entitled to receive milestones and royalties.
Verve granted Beam an exclusive license under Verve’s intellectual property, including under Verve’s GalNAc-LNP delivery technology, relating to a preclinical program developed by Verve, (initially announced in April 2019).
In addition, the amended agreement grants Beam, on a target-by-target basis, the option to obtain a non-exclusive license to Verve’s GalNAc-LNP delivery technology.
Beam would owe Verve a fee upon exercise of each option, certain milestones, and low single-digit royalties.
BEAM stock was up +$5.14 or +11.28% to $50.70 having closed at $45.56, and VERV stock was up +$1.50 or +8.56% to $19.09 having closed at $17.59 on Wednesday. <Benzinga>