Evogene Subsidiary Lavie Bio's Licensing Deal Terminated by Corteva
Ticker: EVGN · Form: 6-K · Filed: Nov 27, 2024 · CIK: 1574565
Sentiment: neutral
Topics: licensing-agreement, termination, subsidiary, agriculture
Related Tickers: EVGN
TL;DR
Corteva just terminated Lavie Bio's bio fungicide license deal from July 2023. Big deal for Evogene.
AI Summary
On November 27, 2024, Evogene Ltd. announced that its subsidiary, Lavie Bio Ltd., received a notice of termination from Corteva Agriscience LLC regarding a licensing agreement dated July 14, 2023, for bio fungicide lead candidates. This termination impacts one of several collaboration programs between the two companies.
Why It Matters
The termination of this licensing agreement could impact the development and commercialization of Evogene's bio fungicide candidates, potentially affecting future revenue streams and strategic partnerships.
Risk Assessment
Risk Level: medium — The termination of a key licensing agreement introduces uncertainty regarding the future of the related product candidates and potential revenue.
Key Players & Entities
- Evogene Ltd. (company) — Registrant
- Lavie Bio Ltd. (company) — Subsidiary of Evogene
- Corteva Agriscience LLC (company) — Licensing partner
- July 14, 2023 (date) — Date of the licensing agreement
- November 27, 2024 (date) — Date of the notice of termination
FAQ
What was the specific reason provided by Corteva Agriscience LLC for terminating the licensing agreement?
The filing states that Lavie Bio Ltd. received a notice of termination, but it does not specify the reason provided by Corteva Agriscience LLC in the notice.
What is the effective date of the termination of the licensing agreement?
The filing does not specify the effective date of the termination, only that the notice was received on November 27, 2024.
Does this termination affect other collaboration programs between Evogene and Corteva?
The filing mentions that this agreement is 'one of several collaboration programs,' implying other programs may continue, but it does not explicitly state the status of those other programs.
What are the bio fungicide lead candidates covered by the terminated agreement?
The filing refers to 'bio fungicide lead candidates' generally and does not provide specific names or details about these candidates.
What are the potential financial implications for Evogene or Lavie Bio following this termination?
The filing does not detail the specific financial implications, but the termination of a licensing agreement typically impacts potential royalty payments and future revenue streams.
Filing Stats: 395 words · 2 min read · ~1 pages · Grade level 12.9 · Accepted 2024-11-27 16:00:29
Filing Documents
- zk2432403.htm (6-K) — 14KB
- 0001178913-24-003862.txt ( ) — 15KB
From the Filing
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2024 Commission File Number: 001-36187 EVOGENE LTD. (Translation of Registrant's Name into English) 13 Gad Feinstein Street, Park Rehovot Rehovot 7638517, Israel (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F CONTENTS On November 27, 2024, Evogene Ltd., or Evogene, announced that its subsidiary, Lavie Bio Ltd., or Lavie Bio, received a notice of termination from Corteva Agriscience LLC, or Corteva, of the licensing agreement dated July 14, 2023, or the Agreement, for bio fungicide lead candidates. This Agreement is one of several collaboration programs between Corteva and Lavie Bio. According to the notice, Corteva decided to terminate the Agreement without cause, as part of its internal review and strategic prioritization process, and to discontinue all activities related to the licensed technology. The termination will be effective ninety (90) days from the date the notice was received. All other collaboration programs between Corteva and Lavie Bio continue as planned. Pursuant to the terms of the Agreement, Lavie Bio received an initial payment from Corteva upon signing the Agreement, which will not be repaid to Corteva because of the termination. Lavie Bio will regain all rights to the licensed technology and the lead bio-fungicide candidates. Lavie Bio intends to continue the development of its bio-fungicide pipeline, leveraging its proprietary computational predictive biology platform and its expertise in microbiome-based solutions for sustainable agriculture. This Report on Form 6-K is incorporated by reference into the registration statements on Form F-3 (Securities and Exchange Commission (" SEC ") File No. 333-277565 ), and Form S-8 (SEC File Nos. 333-193788 , 333-201443 , 333-203856 and 333-259215 ) of Evogene, and will be a part thereof from the date on which this Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished. 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, thereunto duly authorized. Date: November 27, 2024 EVOGENE LTD. (Registrant) By: /s/ Yaron Eldad Yaron Eldad Chief Financial Officer