Kronos Bio (KRON) said in a filing Friday it has agreed to terminate a collaboration and license agreement with Genentech, voiding Kronos' rights to all intellectual property generated under two discovery research programs under the partnership.
Kronos said it will transfer to Genentech all small molecule compounds, materials and data generated in connection with the programs, excluding Kronos' proprietary drug discovery platform.
The company also said it has made a one-time payment for the termination but did not disclose its figure.
Shares of the company were down over 4% in recent Friday premarket activity.
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