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Adverum to terminate master services agreement with Cornell University

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Adverum to terminate master services agreement with Cornell University

Adverum Biotechnologies Inc. will terminate the amended and restated master services agreement dated July 15, 2014, between its unit Annapurna Therapeutics SAS and Cornell University due to an alleged breach.

Adverum said Cornell agreed to produce therapeutic material for use in the company's clinical studies of ADVM-043, its candidate to treat alpha-1 antitrypsin deficiency, but the university failed to deliver therapeutic material suitable for human patients.

The agreement will be terminated on Jan. 6, 2017, unless Cornell cures its breaches, according to a Form 8-K filing. However, Adverum added that it does not expect the university will cure the breaches in time.

Another company unit, Annapurna Therapeutics Ltd., has three separate licensing agreements with Cornell. These licenses will not be affected by the termination of the master services agreement.