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|Item 1.02.|| |
Termination of a Material Definitive Agreement.
On June 2, 2022, Novartis International Pharmaceutical Limited (“Novartis”) informed Ayala Pharmaceuticals, Inc. (the “Company”) that Novartis does not intend to exercise its option to obtain an exclusive license for AL102 for multiple myeloma, in accordance with the terms of the evaluation, option and license agreement dated December 19, 2018, by and between the Company and Novartis (the “Novartis Option Agreement”), thereby terminating the agreement. Novartis informed the Company that the election not to exercise its option was a portfolio-related decision. The Novartis Option Agreement was filed with the Securities and Exchange Commission on March 6, 2020 as Exhibit 10.9 to the Company’s Registration Statement on Form S-1 (File No. 333-236942).
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Ayala Pharmaceuticals, Inc.|
|Date: June 3, 2022||By:|
|Roni Mamluk, Ph.D.|
|Chief Executive Officer and President|