Nektar Therapeutics said it will pay Daiichi Sankyo Co. Ltd. a $12.5 million fee for the termination of a collaboration and license agreement for Onzeald, a drug intended to treat breast cancer.
The fee was paid to the Japanese company's European unit. Termination of the agreement with Daiichi Sankyo Europe GmbH will take effect Feb. 4, 2018, after which all rights and licenses granted to Daiichi will revert exclusively to Nektar.
The European Medicines Agency's Committee for Medicinal Products for Human Use refused to grant marketing authorization for Onzeald after Nektar requested a re-examination of the committee's negative opinion for the drug.
The payment will not have any impact on Nektar's 2017 earnings outlook.
