GSK PLC on Thursday announced that its subsidiary Tesaro has filed a lawsuit against AnaptysBio Inc, alleging material breach of their license agreement.
The London-based pharmaceuticals firm said Tesaro, a biopharmaceutical company, claimed the breach stems from AnaptysBio’s attempt to revoke its license to the cancer drug Jemperli, which Tesaro licensed from AnaptysBio in 2014.
It further alleged that AnaptysBio’s conduct entitles it to terminate the agreement, secure a perpetual license, and reduce royalties and milestone payments by 50%.
The lawsuit follows AnaptysBio’s own claims that Tesaro failed to meet contractual obligations and faces license revocation.
Jemperli is approved in over 35 countries for endometrial cancer, with trials underway for other cancers.
Shares in GSK closed down 0.9% at 1,757.00 pence in London on Thursday.
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