Freeline announces closing of sale of CMC-focused German subsidiary for $25M

Freeline Therapeutics announced the closing of the previously announced sale of its CMC-focused German subsidiary, Freeline Therapeutics GmbH, along with certain related intellectual property, to Ascend Gene and Cell Therapies Ltd., for $25 million, subject to purchase price adjustments. Concurrent with the closing, Freeline and Ascend entered into an intellectual property agreement that assigned certain intellectual property rights, including patents and know-how related to CMC capabilities and technologies, to Ascend. Freeline maintained its rights to its AAVS3 capsid, and the agreement includes a back-license to Freeline of the assigned rights necessary to develop and commercialize its current product candidates. The companies also entered into a transition services agreement that allows Freeline to maintain flexible access to analytical and process development capabilities and dedicated personnel for a period of 18 months following the closing of the transaction.