SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 1.01.|| |
Entry into a Material Definitive Agreement.
On March 10, 2023, Metacrine, Inc. (the “Company”) entered into and closed the transactions contemplated by that certain Asset Purchase Agreement (the “Asset Agreement”) with Organovo, Inc. (“Purchaser”), pursuant to which the Company sold to Purchaser the right, title and interest in and to its farnesoid X receptor (“FXR”) program technology including all inventory, trial data and research records relating to its FXR program (collectively, the “Assets”). In connection with the Company’s entry into the Asset Agreement, the Company and Purchaser also entered into a Patent Assignment, dated March 10, 2023, whereby the Company assigned to Purchaser certain intellectual property rights relating to its FXR program.
As consideration for the Assets, under the terms of the Asset Agreement, Purchaser paid the Company an upfront payment of $2.0 million in cash and agreed to make an additional payment of $2.0 million in cash within five business days of the Company’s delivery of certain assets sold pursuant to the Asset Agreement.
The parties to the Purchase Agreement have agreed to customary representations, warranties and closing conditions for transactions of this type.
The foregoing description of the Asset Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Asset Agreement, a copy of which will be filed with the Securities and Exchange Commission as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
|Item 2.01.|| |
Completion of Acquisition or Disposition of Assets.
The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Asset Agreement is incorporated herein by reference into this Item 2.01.
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.
|Date: March 15, 2023||By:|| |
/s/ Michael York
|President and Chief Executive Officer|