Takeda, Shattuck Labs Terminate Immuno-Oncology Pact

Shattuck Labs Inc STTK and Takeda Pharmaceutical Co Ltd TAK mutually agreed to terminate the Collaboration Agreement for SL-279252 and SL-115154.
The agreement was initially executed in 2017, under which Takeda had options for up to four molecules.
Shattuck will not make any payments to or receive any future milestone or royalty payments from Takeda.
All options to license and rights of the first negotiation held by Takeda under the Collaboration Agreement were terminated.
SL-279252 (PD1-Fc-OX40L) is an ARC fusion protein designed to simultaneously inhibit the PD-1/PD-L1 checkpoint interaction and activate the OX40 costimulatory receptor to bolster an anti-tumor immune response receptor.
Shattuck also announced initial Phase 1 dose-escalation data from SL-172154 in ovarian cancer and SL-279252 in solid tumors.
For SL-172154, initial monotherapy Phase 1 data show favorable safety and tolerability.
For SL-279252, anti-tumor activity has been observed in heavily pretreated patients, including one confirmed partial response (PR) and a second unconfirmed PR.
The Company ended Q3 with cash and cash equivalents, and short-term investments were $290.2 million,
Price Action: STTK shares are down 29.1% at $13.49 during the market session on the last check Tuesday.