Kronos Bio, Inc. has terminated its collaboration with Genentech, Inc. and F. Hoffmann-La Roche Ltd, effectively canceling a material definitive agreement that had been in place since January 6, 2023. The termination, which took place on December 20, 2024, was formalized through a Transition Agreement and Mutual General Release.
Under this agreement, Kronos Bio will transfer all small molecule compounds, materials, data, and intellectual property related to two discovery research programs back to Genentech, excluding its proprietary drug discovery platform. Furthermore, Kronos Bio has granted Genentech a perpetual, irrevocable, non-exclusive license for the use of related intellectual property necessary for the exploitation of the transferred Program Materials.
The decision to terminate the collaboration agreement also includes a general release of any potential claims between the two parties and cancels all future payment obligations that may have arisen from their partnership. To facilitate the transition, Kronos Bio has made a one-time payment to Genentech, the specifics of which were not disclosed.
Details of the Transition Agreement will be provided in the full text, with confidential terms redacted, as part of Kronos Bio's Annual Report on Form 10-K for the year ending December 31, 2024. This move marks a significant change in the company's strategic partnerships and business operations.
The information for this article is based on a press release statement.
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