Item 8.01 Other Events. OnSeptember 7, 2021 ,Selecta Biosciences, Inc. (the "Company") entered into a Collaboration and License Agreement (the "Agreement") withCyrus Biotechnology, Inc. ("Cyrus"). Under the Agreement, Cyrus agreed to grant the Company an exclusive, worldwide license to certain intellectual property in order to form a protein engineering collaboration combining the Company's ImmTOR platform with Cyrus' ability to redesign protein therapeutics. The lead program in the collaboration is a proprietary interleukin-2 (IL-2) protein agonist designed to selectively promote expansion of regulatory T cells for the treatment of patients with autoimmune diseases and other deleterious immune conditions. The Company expects that novel engineered protein therapeutic candidates from the partnership will be used to expand the Company's proprietary pipeline and further bolster its ImmTOR platform. In return for the licensed intellectual property,Selecta is obligated to make an upfront payment and pay certain discovery, development, and sales-based milestones which could potentially total up to approximately$1.5 billion across multiple programs.
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