Calithera Biosciences up as Incyte to pay settlement amount for cancer therapy

Calithera Biosciences

16/09/2021 21:29

**  Biotechnology company's  CALA.O  shares up 3.4% at $2.12
after the bell
    ** Says drugmaker Incyte  INCY.O  will pay them settlement
amount as part of their agreement after INCY breached a contract
and failed to pay two milestone payments for CALA's candidate
INCB001158 to treat hematology and cancer
    **  In 2017, the two companies entered into a collaboration
to develop the candidate 
    ** CALA filed a complaint against INCY in the Superior Court
of California asserting claims for breach of contract in April
2020
    ** The parties also filed a dismissal of the action in the
Superior Court of California - CALA
    ** Up to Thursday's close, stock had fallen 58.3% YTD

 (Reporting by Dania Nadeem in Bengaluru)