Sangamo Shares Down 8% After Hours as Novartis, Biogen End Collaborations
By Josh Beckerman
Sangamo Therapeutics Inc. shares were down 8% to $1.84 after hours as the company said Novartis AG and Biogen Inc. terminated collaboration and license agreements.
Sangamo and Novartis said in July 2020 that they would collaborate on gene regulation therapies to address three neurodevelopmental targets, including autism spectrum disorder.
Under a February 2020 agreement with Biogen, the companies collaborated on gene regulation therapies to treat neurological diseases.
Sangamo said it doesn't expect the terminations to affect its estimate in its Form 10-K that available cash, cash equivalents, and marketable securities will be adequate to fund its operations for at least 12 months.
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(END) Dow Jones Newswires
March 17, 2023 19:00 ET (23:00 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.