Carisma Therapeutics, On June 26, 2024, In Furtherance Of Its Revised Operating Plan, Notified Novartis Of Its Termination Of Manufacturing And Supply Agreement
Portfolio Pulse from Benzinga Newsdesk
Carisma Therapeutics has terminated its Manufacturing and Supply Agreement with Novartis Pharmaceuticals for its product candidate CT-0508, effective July 31, 2024. The company will focus on its follow-on product candidate CT-0525 and will incur a $4 million termination fee.
July 02, 2024 | 8:47 pm
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NEGATIVE IMPACT
Carisma Therapeutics has terminated its agreement with Novartis for CT-0508 to focus on CT-0525, incurring a $4 million termination fee.
The termination of the agreement and the $4 million fee could negatively impact Carisma's short-term financials and investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Novartis Pharmaceuticals has been notified by Carisma Therapeutics of the termination of their Manufacturing and Supply Agreement for CT-0508.
The termination of the agreement is unlikely to have a significant impact on Novartis' overall operations or financials.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50