Molecular Templates (MTEM) said that on March 13, Bristol-Myers Squibb (BMY) notified the company that following a corporate portfolio prioritization process, it does not intend to continue the research collaboration it entered into with the Molecular pursuant to the BMS collaboration agreement and would be terminating the agreement in its entirety. The termination will be effective on June 13, or 90 days following the company’s receipt of Bristol-Myers Squibb’s written notice of termination. Molecular Templates plans to reduce costs related to the collaboration agreement.
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