Procter & Gamble (PG) to Terminate Pact with Curis (CRIS)

May 10, 2007 12:16 PM EDT
In Today's 8-K Filing From CURIS (Nasdaq: CRIS): On September 18, 2005, Curis, Inc. entered into a Collaboration, Research and License Agreement with Procter & Gamble, Inc. and Procter & Gamble Pharmaceuticals, a division of The Proctor & Gamble Company (NYSE: PG), to evaluate and seek to develop potential treatments for hair growth regulation and skin disorders utilizing the Company's Hedgehog agonist technology.

Under the terms of the Agreement, the Company granted to P&G an exclusive, worldwide, royalty-bearing license for the development and commercialization of topical dermatological and hair growth products that incorporate the Company's Hedgehog agonist technology.

...On May 9, 2007, however, P&G notified the Company of P&G's decision to terminate the Agreement due to P&G's belief that the topically-applied Hedgehog agonist compounds that were being developed under the Agreement did not exhibit an acceptable safety profile to warrant further development. The effective date of termination of the Agreement is six months from the date of notice, or November 9, 2007.

On the termination date of November 9, 2007, all licenses granted to P&G by the Company shall terminate. The Company shall have the exclusive option to acquire from P&G (with the right to license or sublicense) all data generated by P&G and other similar information and items related to the compounds developed during the collaboration by P&G, on commercially reasonable terms to be mutually agreed to by the parties.

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