Ko­di­ak turns down $125M pay­ment from Bak­er Bros. deal, slash­es roy­al­ty cap by 55%

Fol­low­ing a mas­sive pub­lic raise last No­vem­ber, Ko­di­ak Sci­ences has re-worked a roy­al­ty sale agree­ment with an old part­ner — and de­clined new funds in the process.

Ko­di­ak is turn­ing down a planned $125 mil­lion pay­ment from Bak­er Bros. Ad­vi­sors, ac­cord­ing to an SEC fil­ing, cut­ting short an agree­ment that saw the biotech hand over a 4.5% stream of roy­al­ty sales on its ex­per­i­men­tal an­ti-VEGF ther­a­py KSI-301 for reti­nal vas­cu­lar dis­eases. In con­junc­tion with the move, Ko­di­ak is shrink­ing the roy­al­ty cap from just over $1 bil­lion to $450 mil­lion.

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