Imugene (ASX: IMU) has been released from a trading halt post the announcement that the company has received notification of termination of the global license agreement with Novartis.
The agreement was for the development and commercialisation of its vaccines for pigs and poultry.
Imugene said that the response to further enquiries regarding the decision, was that the reason for termination was “an internal decision by the licensor to discontinue investment in the development of this technology”.
The company added that no further information has been provided regarding the termination, and during the recent management visit to the U.S. operations there was no indication that termination of the venture was being considered.
Imugene added that the notice of termination is very unexpected, and that the company is disappointed with the outcome.