2seventy bio (TSVT) has released an update to notify the public and investors about an entry into a material definitive agreement.
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2seventy bio, Inc. has entered into an agreement to sell its oncology and autoimmune research programs, along with related assets and technologies, to Regeneron Pharmaceuticals, Inc. Regeneron will pay $5 million upfront and take on certain liabilities, with additional payments including a $10 million milestone and royalties on future sales. Following customary closing conditions, the deal also involves the termination of a prior collaboration agreement and the entry into ancillary agreements such as a transition services agreement and facility subleases.
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For a comprehensive understanding of the announcement, you can read the full document here.