On December 23, 2022, Sesen Bio, Inc. ("Sesen") and Viventia Bio, Inc., a wholly-owned subsidiary of Sesen ("Viventia," and together with Sesen, the "Company"), terminated the Exclusive License Agreement (the "License Agreement") dated July 30, 2020 by and between Sesen, Viventia, and Qilu Pharmaceutical Co., Ltd. ("Qilu"), as well as other related agreements between the Company and Qilu, consistent with the Company’s previously disclosed restructuring plan (Filing, 8-K, Sesen Bio, DEC 23, 2022, View Source [SID1234625578]). The terms of the License Agreement are more fully described in the Company’s Form 8-K filed with the Securities and Exchange Commission on July 31, 2020.

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In connection with the termination of the License Agreement, the Company shall make a one-time aggregate payment to Qilu of $1,400,000, which consists of a $1,200,000 termination fee payable upon the termination of the License Agreement and a $200,000 payment payable upon the Company’s receipt of certain clinical data and chemistry, manufacturing, and controls data from Qilu. As a result of the termination of the License Agreement, all rights to Vicineum in China, Hong Kong, Macau and Taiwan have reverted to the Company. The Company currently retains all global rights to Vicineum and is continuing to work with a financial advisor to explore strategic alternatives for Vicineum to maximize value for Sesen Bio stockholders.