Item 1.02 Termination of a Material Definitive Agreement.
On
Upon termination, all rights and licenses granted to Pfizer under the License Agreement will terminate and Pfizer will return to the Company the rights to develop and commercialize the products subject to the License Agreement, including rivipansel, and will grant the Company a non-exclusive license to use the intellectual property developed by Pfizer in connection with its development of such products, subject to the terms of the License Agreement. The Company will work with Pfizer to effectuate any necessary transition activities regarding the subject matter of the License Agreement, and will be determining what, if any, next steps to take with respect to the rivipansel program after reviewing the Phase 3 data more completely.
The Company will not incur any termination penalties as a result of the termination of the License Agreement.
A summary of the material terms and conditions of the License Agreement is set
forth in the Company's Annual Report on Form 10-K filed with the
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