Notice of Termination of License and Collaboration Agreement by Pfizer Inc. to Adolor Corporation (December 16, 2010)

Summary

Pfizer Inc. has notified Adolor Corporation that it is terminating their License and Collaboration Agreement, originally signed on December 4, 2007. The termination is effective March 16, 2011, due to Pfizer's determination that further development of the licensed products is not commercially reasonable. Certain rights and obligations will continue after termination, and both parties will work together on a transition plan. This notice formalizes the end of the collaboration between the two companies regarding the specified products.

EX-10.55 4 dex1055.htm NOTICE OF TERMINATION FROM PFIZER INC. DATED DECEMBER 16, 2010 Notice of Termination from Pfizer Inc. dated December 16, 2010

Exhibit 10.55

 

     

Pfizer Inc.

235 East 42nd Street

New York, NY 10017-5755

     
     

Olivier Brandicourt, MD

President & General Manager

Primary Care Business Unit

December 16, 2010

Adolor Corporation

700 Pennsylvania Drive

Exton, Pennsylvania 19341

Attn: Michael R. Dougherty

          President and Chief Executive Officer

Dear Mr. Dougherty:

Reference is made to the License and Collaboration Agreement, dated as of December 4, 2007 (the “License Agreement” and the terms used herein shall be defined as therein), by and between Adolor Corporation (“Adolor”) and Pfizer Inc (“Pfizer”). Pfizer hereby notifies you that it is exercising its right to terminate the License Agreement pursuant to Section 14.2.3.(a). Pfizer has concluded that, based on its evaluation of all results and data from the Phase 2a Studies listed in the Development Plan for each of ADL 5859 and ADL 5747, it would not be commercially reasonable for Pfizer to continue Development. The License Agreement shall be terminated effective March 16, 2011.

Pfizer also would like to confirm that after March 16, 2011, certain rights and obligations of Pfizer and Adolor will survive termination of the License Agreement as set forth in Section 15.4, including but not limited to, the provisions in Section 10.1.1.

Pfizer promptly will begin to work with Adolor to develop and implement a transition plan pursuant to Section 15.3 of the License Agreement.

Pfizer has greatly appreciated the chance to work with Adolor on this program and please do not hesitate to contact me if you would like to discuss any matters further.

Sincerely,

 

/s/ Olivier Brandicourt
Olivier Brandicourt

cc:

 

Pfizer

      Adolor

Dr. Mikael Dolsten

      John M. Limongelli, Esq.
Ms. K. Peck      
Ms. A. Schulman       Morgan, Lewis & Bockius LLP
Mr. P. Buckley       Mr. R. Sunberg