UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 1.01 | Entry into Material Definitive Agreement |
On December 18, 2024, Precigen, Inc. (“Precigen” or the “Company”), entered into an Asset Acquisition Agreement (the “Acquisition Agreement”) with Innovator 21, LLC (“Buyer”), a Delaware limited liability company and an affiliate of Paragon Biosciences, LLC (“Paragon”), pursuant to which the Company agreed to sell to Buyer certain assets, including intellectual property rights and royalty rights, related to FCX-007, a clinical stage product candidate being developed by Castle Creek Biosciences, LLC (“Castle Creek”), a portfolio company of Paragon, for the treatment of Epidermolysis Bullosa (EB) and/or Dystrophic Epodermolysis Bullosa (DEB). The Company received a cash payment of $8.5 million at the closing of the asset sale, which occurred on December 24, 2024. The Company had previously entered into a collaboration with Castle Creek to advance certain product candidates, including FCX-007. In March 2020, the Company and Castle Creek had terminated the original collaboration agreement by mutual agreement, with the parties agreeing that certain product candidates, including FCX-007, would be treated as "Retained Products" under the terms of the original agreement. Castle Creek retained a license to continue to develop and commercialize the Retained Products within the field of use for so long as Castle Creek continued to pursue such development and commercialization and the Company was also entitled to certain royalties with respect to the Retained Products. Following the sale, the Company has no further rights or obligations with respect to Castle Creek or any programs developed in connection with its previously terminated collaboration with Castle Creek, including the rights to receive royalties from Castle Creek. The Company intends to use the proceeds of the sale for working capital and general corporate purposes.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Precigen, Inc. | ||
| By: |
/s/ Donald P. Lehr | |
| Donald P. Lehr | ||
| Chief Legal Officer | ||
Dated: December 26, 2024