- Paragon will provide the Company with an exclusive license to its patents covering the related antibody, the method of use and its method of manufacture.
- Paragon will not conduct any new campaigns that generate anti-α4ß7 or anti-TL1A monospecific antibodies for at least 5 years.
- The Company will pay Paragon a low single-digit percentage royalty for single antibody products and a mid single-digit percentage royalty for products containing more than one antibody from Paragon.
- There is a royalty step-down of 1/3rd if there is no Paragon patent in effect during the royalty term.
- The royalty term ends on the later of (i) the last-to-expire licensed patent or Company patent directed to a derived antibody or (ii) 12 years from the date of first sale of a Company product.
- Agreement may be terminated on 60 days' notice by the Company; on material breach without cure; and to the extent permitted by law, on a party's insolvency or bankruptcy.
- With respect to the SPY002 License Agreement only, on a product by product basis, the Company will pay Paragon sublicensing fees of up to approximately $20 million upon the achievement of mostly commercial milestones.
On May 14, 2024, Paragon Therapeutics Announced A License Agreement Granting Spyre Therapeutics An Exclusive License To Certain Antibodies And Products Targeting Α4SS7 Integrin And Tl1A, Paragon Will Up To $22M In Milestone Payments-8K
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