Calyxt Filed Complaint in Delaware Chancery Court Against Bayer CropScience, LP
Minneapolis-St. Paul, Minn., March 12, 2018 – Calyxt, Inc. (NASDAQ: CLXT), a consumer-centric, food- and agriculture-focused company, today announced that it has filed a complaint in Delaware Chancery Court against Bayer CropScience, LP (“Bayer”).
In December 2013, Calyxt entered into a Research and Commercial License Agreement with Bayer pursuant to which it granted Bayer a license to certain patents for the research and commercialization of products developed with TALEN® technology. Calyxt believes that Bayer has breached the License Agreement by filing patent applications in violation of the License Agreement’s provisions and by failing to make a payment due under the License Agreement. Calyxt previously gave notice to Bayer of termination of the License Agreement, and today filed a complaint in Delaware Chancery Court requesting a declaration that the License Agreement has terminated for material breach and an order of specific performance requiring Bayer to comply with its post-termination obligations.