22nd Century Group, a developer of genetically modified tobacco plants with low or high nicotine content, announced termination of its research license agreement with British American Tobacco (BAT).
22nd Century said ending the pact, which also covered commercial options, would allow it to explore more lucrative partnerships with other tobacco companies. In 2013 BAT agreed to pay up to USD 14 million (EUR 11.8 million) to New York-based 22nd Century in return for access to nicotine-control technology. The agreement was for a maximum four years. A USD 25 million cap on annual royalties paid to the biotech company was lifted with expiration of the pact, 22nd Century said.
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