On December 17, 2019, Sangamo Therapeutics, Inc. (the "Company") reported that it has entered into a letter amendment (the "Letter Amendment") to its Collaboration and License Agreement with Pfizer, Inc. ("Pfizer"), dated May 10, 2017 (the "Collaboration Agreement"), to accelerate the transfer of the Investigational New Drug application ("IND") for the Company’s SB-525 product candidate to Pfizer (the "IND Transfer") (Filing, 8-K, Sangamo Therapeutics, DEC 17, 2019, View Source [SID1234552572]). The Letter Amendment obligates the Company to cooperate and assist Pfizer with certain activities related to the IND Transfer and as of December 18, 2019, the IND had been transferred to Pfizer. In addition, the Letter Amendment changes the timing of Pfizer’s payment to the Company of a $25.0 million development milestone, and as of December 20, 2019, the Company met the conditions for earning such milestone. No other changes were made to the provisions of the Collaboration Agreement governing milestones or royalties as part of the Letter Amendment. Under the Collaboration Agreement, the Company is eligible to receive development milestone payments contingent on the achievement of specified clinical development, intellectual property, regulatory and first commercial sale milestones for SB-525 and potentially for other products, and is also eligible to receive tiered royalties with percentages starting in the low teens and up to 20% based on the annual net sales of each potential licensed product developed under the Collaboration Agreement, subject to reduction due to patent expiration, entry of biosimilar products to the market and payment made under certain licenses for third-party intellectual property.

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The foregoing is only a brief description of the Letter Amendment, does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Letter Amendment. The Company intends to file a copy of the Letter Amendment with its Annual Report on Form 10-K for the year ending December 31, 2019.