Amgen has notified TScan Therapeutics (Nasdaq: TCRX) of its election to terminate the research collaboration and license agreement the two companies entered in May 2023, removing more than USD 500 million in potential milestone payments from TScan's financial outlook. The termination, exercised under a standard 90-day notice provision, becomes effective November 10, 2026. No early termination penalty applies.
The collaboration used TScan's proprietary T-cell receptor antigen discovery platform to identify antigens recognized by T cells in Crohn's disease patients. Under the original deal, Amgen received an exclusive, worldwide, sublicensable license to develop and commercialize any product candidates generated through the research, while TScan retained the underlying platform. The agreement provided a non-refundable USD 30 million upfront payment, received in 2023, plus success-based milestones exceeding USD 500 million in aggregate and tiered single-digit royalties on net sales. Amgen also held an option to extend the collaboration to ulcerative colitis, which was never exercised. Each party bore its own research costs.
Upon termination, all licenses granted to Amgen will revert to TScan. Milestone and royalty obligations will survive only if Amgen or its affiliates continue to exploit collaboration-derived product candidates.