On May 8, 2023, EQRx, Inc. (EQRx) provided written notice to CStone Pharmaceuticals (CStone) of its termination of the Exclusive License Agreement dated October 26, 2020 between EQRx and CStone (as amended, the CStone Agreement), which termination will be effective in accordance with the terms of such agreement. The parties are in discussions regarding their respective transition obligations. Under the CStone Agreement, EQRx acquired a worldwide exclusive license for the research, development and commercialization of sugemalimab (EQ165) and nofazinlimab (EQ176), with the exception of mainland China, Taiwan, Hong Kong and Macau.

EQRx made an upfront non-refundable, non-creditable payment of $150.0 million under the CStone Agreement. Additionally, if EQRx had achieved all of the development and commercialization milestone events under the CStone Agreement, CStone would have been eligible to receive in total (i) $182.5 million in development and regulatory milestone payments, and (ii) $970.0 million in sales milestone payments. CStone would have also been entitled to royalty payments under the CStone Agreement.

On May 8, 2023, EQRx provided written notice to Lynk Pharmaceutical (Hangzhou) Co. Ltd. (Lynk) of its termination of the Exclusive License Agreement dated April 1, 2020 between EQRx and Lynk Pharmaceuticals (as amended, the Lynk Agreement), which termination will be effective in accordance with the terms of such agreement. Under the Lynk Agreement, EQRx acquired an exclusive license for the research, development and commercialization of LNK-207, a novel, highly selective JAK-1 inhibitor (EQ121) worldwide, with the exception of mainland China, Hong Kong, Macau and Taiwan (the Lynk Territory).

The Lynk Agreement also provided EQRx with a non-exclusive license in the Lynk Territory to research and develop EQ121 for purposes of obtaining regulatory approval, and to manufacture and/or package EQ121 for use in EQRx's territory. EQRx made an upfront non-refundable, non-creditable payment under the Lynk Agreement. Additionally, if EQRx had achieved all of the development and commercialization milestone events under the Lynk Agreement, Lynk would have been eligible to receive in total (i) $52.0 million in development and regulatory milestone payments, and (ii) $120.0 million in sales milestone payments.

Lynk would have also been entitled to royalty payments under the Lynk Agreement.