After settling lawsuit with Bayer, Cellectis spin-off launches €41M follow-on offering
Cellectis spin-off Calyxt has launched a €41M follow-on round after settling the lawsuit it recently brought against Bayer CropScience, for breach of a license agreement for access to patents for its TALEN technology.
The French biotech Cellectis owns 79.1% of the ag biotech’s outstanding shares. Cellectis is well-known for its gene editing tool TALEN. However, while it focuses more on health-related applications for the technology, such as its immuno-oncology work with CAR-T therapy, Calyxt, an agriculture-focused gene-editing company based in the US, is using it to develop healthier and more nutritious food such as soybeans and wheat.
Attracted by this great tech offering, Bayer licensed a number of patents for Calyxt’s TALEN products in December 2013. Believing these had been breached, Calyxt filed a complaint in March this year. Settlement of these claims was filed earlier this week in Delaware. While financial terms were not disclosed, Bayer committed to destroy all technology, products and information relating to the disputed patents and will abandon any relevant new patent applications. Bayer and its subsidiaries will have no further access to Calyxt technology or intellectual property in the future.
The public offering will give the company the opportunity to raise €40.7M ($48.1M) to help move forward its high-oleic soybean and high-fibre wheat programmes, as well as to develop new products. Calyxt also plans to grant underwriters the opportunity to purchase additional shares worth approximately €6.1M ($7.2M).
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