SEC Contract Filing

Filing Date: 2019-02-27

Document Content:
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<TYPE>EX-10.1
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<FILENAME>ctiservierterminationagt.htm
<DESCRIPTION>EXHIBIT 10.1
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<DIV><FONT size="1" style="font-size:1pt;color:white"> TERMINATION AND TRANSFER AGREEMENT THIS TERMINATION AND TRANSFER AGREEMENT (the &#8220;Termination and Transfer Agreement&#8221;) is effective as of November 1st, 2018 and between LES LABORATOIRES SERVIER, a company duly organized and existing under the laws of France, having offices and principal place of business at 50 Rue Carnot, 92284 Suresnes Cedex, France and INSTITUT DE RECHERCHES INTERNATIONALES SERVIER, a company duly organized and existing under the laws of France, having offices and principal place of business at 50 Rue Carnot, 92284 Suresnes Cedex, France together, hereinafter referred to as &#8220;SERVIER&#8221; on the one hand, AND CTI BIOPHARMA CORP., a corporation organized and existing under the laws of Delaware, having offices and principal place of business at 3101 Western Ave., Suite 800, Seattle, WA 98121, United States of America and CTI LIFE SCIENCES LIMITED, a company duly organized and existing under the laws of England, having offices and principal place of business at Highlands House, Basingstoke Road, Spencers Wood, Reading, Berkshire RG7 1NT, United Kingdom together, hereinafter referred to as &#8220;CTI&#8221; on the other hand, SERVIER and CTI being hereinafter individually referred to as the &#8220;Party&#8221; and collectively referred to as the &#8220;Parties&#8221;. RECITALS A. On September 16th, 2014 SERVIER and CTI entered into an Exclusive License and Collaboration Agreement (the &#8220;Original Agreement&#8221;) pursuant to which the Parties 1 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> established a collaboration for the Development, Manufacturing and Commercialization of License Product, all as set forth therein. B. On April 21, 2017, the Parties entered into an Amended and Restated Exclusive License and Collaboration Agreement (the &#8220;A&amp;R Agreement&#8221;) to reflect the transfer of commercial rights to SERVIER in all countries of the world except for the United States, and transfer the MA for the Licensed Compound in the European Union upon a PIX Positive Outcome. The Parties acknowledge that the A&amp;R Agreement superseded and replaced the Original Agreement in its entirety. C. On July 2nd 2018 the Parties entered into an Amendment n&deg;1 to the A&amp;R Agreement, to modify Article 6.2.1 of the A&amp;R Agreement, related to the conditions of an EU MA transfer. D. On 6 July 2018, CTI informed SERVIER of the results of the PIX306 Trial did not achieve statistically significant progression free survival (PFS) results and therefore did not meet the criteria for PIX Positive Outcome. E. In consideration of (i) no PIX Positive Outcome, and (ii) SERVIER&#8217;s intent to maintain, despite no PIX Positive Outcome, the Licensed Product available for the patients in its markets, the Parties have agreed to: a. Terminate the A&amp;R Agreement for mutual convenience in its entirety (except as expressly provided herein); b. have CTI continue certain activities during the Transitional Time-Period (as defined hereinafter); c. define the agreed conditions of an asset purchase agreement to be signed by the Parties in case (a) of Positive EMA Position (as defined hereinafter) or, (b) if requested by SERVIER in the event there is no Positive EMA Position; and d. define the consequences of the termination of the A&amp;R Agreement if SERVIER does not request an asset purchase agreement in case of no Positive EMA Position. The Parties to this Termination and Transfer Agreement, intending to be legally bound, hereby agree to the following terms and conditions: ARTICLE 1 DEFINITION Capitalized Terms used and not defined in this Termination and Transfer Agreement have the respective meaning ascribed thereto in the A&amp;R Agreement. </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> ARTICLE 2 TERMINATION / RELEASES 2.1 SERVIER and CTI mutually agree to terminate the A&amp;R Agreement as of the date hereof (the &#8220;Termination Date&#8221;) and, accordingly, except as expressly provided herein otherwise the A&amp;R Agreement shall have no further effect except as expressly provided in Section 3.1. Such termination shall be effective as of the Termination Date and deemed to be a termination mutually agreed upon by and between CTI and SERVIER, and neither Party shall have any responsibility or liability of any kind as a result of this termination. The Parties hereby waive all rights to notice termination as may be otherwise provided under the A&amp;R Agreement or Applicable Law. 2.2 The Parties anticipate that at the time (a) of entering into the Asset Purchase Agreement (as defined below) or (b) SERVIER notifying CTI that it does not desire to enter into the Asset Purchase Agreement, the Parties will consider in good faith providing each other a release of Claims that addresses the period between the Termination Date and such later date. ARTICLE 3 CONSEQUENCES OF TERMINATION 3.1 As an immediate consequence of such termination, the Parties agree as follow: A