MINNEAPOLIS & ST. PAUL, Minn.--(BUSINESS WIRE)--Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, today announced that Bayer CropScience, LP (“Bayer”), has agreed to settle a lawsuit brought by Calyxt in the Delaware Chancery Court.
Under the settlement terms, the parties agreed that the 2013 License Agreement is terminated, that Bayer will destroy any technology, related product and confidential information covered by the License Agreement, and that Bayer will permanently abandon patent applications that are based on or include data related to the covered technology. This settlement confirms Bayer and its subsidiaries have no access to Calyxt technology or intellectual property.
In December 2013, Calyxt entered into a Research and Commercial License Agreement (the “License Agreement”) with Bayer, pursuant to which Calyxt granted Bayer a license to certain patents for the research and commercialization of products developed with TALEN® technology. Calyxt believes that Bayer has breached the License Agreement and, on March 12, 2018, Calyxt filed a complaint in Delaware Chancery Court requesting a declaration that the License Agreement has terminated for material breach and an order of specific performance requiring Bayer to comply with its post-termination obligations. The settlement has been filed in Delaware Chancery Court on May 15, 2018.
Calyxt, Inc. is a consumer-centric, food- and agriculture-focused company. Calyxt is pioneering a paradigm shift to deliver healthier food ingredients, such as healthier oils and high fiber wheat, for consumers and crop traits that benefit the environment and reduce pesticide applications, such as disease tolerance, for farmers. Calyxt develops non-transgenic crops leveraging processes that occur in nature by combining its leading gene-editing technology and technical expertise with its innovative commercial strategy. Calyxt is located in Minneapolis-St. Paul, MN, and is listed on the Nasdaq market (ticker: CLXT).
For further information please visit our website: www.calyxt.com
Calyxt™ and the corporate logo are trademarks owned by Calyxt, Inc.
TALEN® is a registered trademark owned by Cellectis.
Calyxt Forward-Looking Statements
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