Item 1.01  Entry into a Material Definitive Agreement.
On May 5, 2021, Kindred Biosciences, Inc. ("KindredBio") and Elanco US Inc.
("Elanco") entered into an exclusive license and collaboration agreement
granting Elanco exclusive global rights to KIND-030, a monoclonal antibody
targeting canine parvovirus (the "License Agreement"). The License Agreement
supersedes the Letter Agreement between KindredBio and Elanco previously filed
as an exhibit to KindredBio's Annual Report on Form 10-K filed with the
Securities and Exchange Commission (the "SEC") on March 16, 2021 (the "Letter
Agreement"), and does not materially change the Letter Agreement's economic
terms previously reported by KindredBio on a Current Report on Form 8-K filed
with the SEC on December 11, 2020.
Under the terms of the License Agreement, KindredBio will receive development
milestone payments of up to $16 million upon achievement of certain development,
regulatory and manufacturing targets, and sales milestones in an aggregate
amount of up to $94 million payable throughout the term of the License
Agreement. Furthermore, royalty payments range from the low to high teens.
KindredBio previously received an upfront payment of $500,000 pursuant to the
Letter Agreement. The License Agreement specifies that KindredBio will supply
the licensed product to Elanco, and that Elanco will conduct the necessary
regulatory activities to achieve approvals in Europe and other key international
markets. KindredBio and Elanco shall collaborate in the development of the
licensed product pursuant to development plans reviewed by a joint steering
committee. Elanco shall be responsible for all aspects of the commercialization
of the licensed product.
The preceding description of the License Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
License Agreement, a copy of which shall be filed as an exhibit to KindredBio's
Quarterly Report on Form 10-Q for the period ended March 31, 2021.
Item 2.02  Results of Operations and Financial Condition.
On May 11, 2021, KindredBio issued a press release announcing its financial
results for the three months ended March 31, 2021 and recent business
developments. A copy of the press release is attached to this Current Report on
Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information furnished under this Item 2.02, including the accompanying
Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18
of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise
subject to the liability of such section, nor shall such information be deemed
to be incorporated by reference in any subsequent filing by KindredBio under the
Securities Act of 1933 or the Exchange Act, regardless of the general
incorporation language of such filing, except as specifically stated in such
filing.
Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits
Exhibit No.                 Description
        99.1                  Press Release of Kindred Biosciences, Inc. issued on May 11, 2021.
        104                 Cover Page Interactive Data File (embedded within the Inline XBRL
                            document)

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