Biocartis and Exact Sciences agree to end collaboration due to changed market circumstances
Biocartis Group NV (the ‘Company’ or ‘Biocartis’), an innovative molecular diagnostics company, announces that Biocartis and Genomic Health, Inc. (a subsidiary of Exact Sciences Corporation) have agreed to terminate their collaboration, which was focused on the development of the Oncotype DX Breast Recurrence Score® test on Biocartis’ molecular diagnostics platform Idylla™.
As a result of COVID-19, the project had been suspended earlier during 2020, with the project plan and timing under evaluation. The decision to now terminate the collaboration was driven by the uncertain timing of a product market release because of the pandemic and a decision by Exact Sciences to shift priorities to other initiatives.
Herman Verrelst, Chief Executive Officer of Biocartis, reacted: “We regret that this collaboration has ended, but we respect the decision that has been made by Exact Sciences. The impact of this termination to our future growth is contained, as the collaboration was limited to the European market in which we already offer a comprehensive menu of tests to our well-established customer base. Also, this termination will have no impact on our ambitions to grow in the US and in our export markets. Similarly, the termination will not affect the financial performance in 2020 other than as a result of the settlement. We remain very confident in the broader partner strategy we built out over the last years and look forward to collaborate with several other partners and bring their novel tests to the market on our Idylla™ platform.”
As part of a termination settlement, Genomic Health, Inc. agreed to pay USD 12 million to Biocartis and license certain rights and transfer certain assets to Biocartis.