On July 18, 2023, Syros Pharmaceuticals, Inc. received notice from Pfizer, Inc. ("Pfizer"), as successor to Global Blood Therapeutics, Inc. ("GBT") that Pfizer has elected to exercise its right to terminate the License and Collaboration Agreement dated December 17, 2019 by and between the Company and GBT (the "Agreement") related to the discovery, development and commercialization of novel therapies for sickle cell disease and beta thalassemia. The effective date of termination of the Agreement is October 16, 2023. Under the terms of the Agreement, the Company granted to GBT an option to obtain an exclusive, worldwide license, with the right to sublicense, under relevant intellectual property rights and know-how of the Company arising from the collaboration to develop, manufacture and commercialize any compounds or products resulting from the collaboration.

This option will terminate simultaneously with the effective date of termination of the agreement. In addition, the Agreement requires GBT to reimburse the Company for full-time employee and out-of-pocket costs and expenses incurred by the Company in accordance with the agreed upon research budget through the effective date of termination. GBT previously made an upfront payment of $20.0 million to the Company in January 2020 in connection with entering into the Agreement.

The Company was eligible to receive up to $315 million in option exercise, development, regulatory, commercialization and sales-based milestones per product candidate and product resulting from the collaboration, along with tiered mid-to-high single digit royalties as percentages of calendar year net sales on any licensed product. The Company intends to seek to identify a new out-licensing partner for its sickle cell disease program.