Sarepta, Codiak Nix Exosome Therapy Development Pact

Sarepta Therapeutics Inc SRPT notified Codiak BioSciences Inc CDAK that it would terminate the two-year Research License and Option agreement early.
The termination will be effective as of December 3, 2021. The agreement focused on using exosomes for non-viral delivery of AAV, gene-editing, and RNA therapeutics to address five agreed targets associated with neuromuscular diseases.
Under the agreement terms, Codiak received $10.0 million, consisting of a $7.0 million up-front payment and a $3.0 million up-front research services prepayment.
As a result of the termination, each of the licenses and options granted to Sarepta shall terminate in its entirety, Codiak shall regain all rights previously granted to Sarepta.
Price Action: CDAK shares are down 9.84% at $14.21, and SRPT shares are up 1.76% at $96.64 during the market session on the last check Friday.