May 2, 2017 / 5:22 AM / 3 months ago

BRIEF-Celyad grants to Novartis a non-exclusive license for its allogeneic TCR-Deficient CAR-T Cells Patents

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May 2 (Reuters) - Celyad Sa:

* Celyad grants to Novartis a non-exclusive license for its allogeneic TCR-Deficient CAR-T Cells Patents

* This license agreement is related to two targets currently under development by Novartis

* Under the terms of the agreement Celyad receives an upfront payment and is eligible to receive success based clinical, regulatory and commercial milestone payments

* If all success based milestones are achieved, Celyad is eligible to receive payments, including the upfront payment, totalling $96 million

* In addition, Celyad will receive single digit royalties based on net sales of the licensed target associated products

* Novartis has the option to extend the agreement to additional targets and/or to convert its license into an exclusive license. Celyad retains all rights to grant further licenses to third parties for the use of allogeneic CAR-T cells Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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