Advaxis Inc. said Amgen Inc. withdrew from a collaboration to develop a customized cancer treatment.
Princeton, N.J.-based Advaxis will regain the worldwide rights to develop and commercialize ADXS-NEO, an immunotherapy designed to trigger the immune system's response against unique mutations contained and identified in the tumor.
Under the August 2016 agreement, Amgen paid $40 million up front and acquired $25 million Advaxis common shares.
In addition, Amgen reimbursed Advaxis for certain research and development costs related to the ADXS-NEO program. The reimbursements for fiscal year ended Oct. 31 reached about $5.8 million, along with $7.5 million in 2017, Advaxis noted.
The collaboration also allowed Advaxis to get future contingent payments based on development, regulatory and sales milestones.
The termination will be effective Feb. 8, 2019.
Advaxis is considering whether it will enter collaborations on the ADXS-NEO program which is currently enrolling patients.