On On June 16, 2022, Morphic Holding, Inc. (the "Company") reported that received notice from AbbVie Biotechnology Ltd ("AbbVie") that AbbVie has elected to terminate the Collaboration and Option Agreement (the "Collaboration Agreement") between AbbVie and Morphic Therapeutic, Inc., a wholly owned subsidiary of the Company ("Morphic"), dated October 16, 2018 (Filing, 8-K, Morphic Therapeutic, JUN 16, 2022, View Source [SID1234616130]). AbbVie exercised its right to terminate the Collaboration Agreement for convenience. The termination will be effective as of December 13, 2022, or such earlier date as agreed by the parties.

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Under the terms of the Collaboration Agreement, Morphic granted AbbVie exclusive license options on certain product candidates directed at multiple targets. The termination follows AbbVie’s delivery of notice to the Company that it did not intend to advance any of the selective oral αvβ6-specific integrin inhibitors, which AbbVie had previously licensed pursuant to the terms of the Collaboration Agreement, due to a suspected on-target/ αvβ6-mediated safety signal observed in pre-clinical testing. Effective upon the termination of the Collaboration Agreement, all rights and licenses granted thereunder shall immediately terminate.