05:27 PM EDT, 07/16/2024 (MT Newswires) -- Relay Therapeutics ( RLAY ) said Tuesday it received a notice from Genentech and F. Hoffmann-La Roche terminating their collaboration and license agreement for the development and commercialization of RLY-1971, a tumor treatment candidate.

Genentech chose to terminate the agreement without cause and the termination is effective 180 days after the notice is received, Relay said in a regulatory filing.

After termination, all licenses granted to Genentech under the agreement will be ceased, according to Relay.

Relay said it received $121.8 million from Genentech under the agreement, including upfront and milestone payments as well as cost reimbursements.

Relay shares were down nearly 4% in recent after-hours activity.

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