- $2 M to ProMetic over the next 12 months
- $30 M plus potential annual revenue to ProMetic derived from first
- Kedrion has in-licensed ProMetic's yield improving technology - Incorporation of ProMetic's prion reduction technology in Kedrion's
MONTREAL, Feb. 26 /PRNewswire-FirstCall/ - ProMetic Life Sciences Inc. ("ProMetic") (TSX:PLI) announced today that it has signed the definitive agreement for development of two hyperimmunes with Kedrion S.p.A. ("Kedrion").
Terms of this agreement call for upfront and milestone payments, as well as service fees to ProMetic amounting to $2 M over the next 12 months.
Potential revenues to ProMetic from Hepatitis B Hyperimmune are to exceed $30 M annually, and are derived from royalties on Kedrion sales in Europe and ProMetic sales in North America, which are expected to commence in 2011.
The first product to be developed will target the Hepatitis B Hyperimmune market which is currently estimated in Europe and in the U.S. to be at $200 M and is expected to be at $400 M by 2015.
Kedrion has in-licensed ProMetic's technologies for the manufacturing of hyperimmune products in Europe. Royalties, licensing and service fees for the sales of products in Europe will be paid by Kedrion to ProMetic with ProMetic retaining the commercial rights for the fully developed hyperimmune products for the North American market. ProMetic will in turn pay Kedrion royalties on its sales of the hyperimmune products in North America.
The product development program, including the clinical trial designed to meet U.S. and European regulatory requirements will be funded by Kedrion. Full scale commercial manufacturing will then take place in Kedrion's facility in Italy.
"This agreement with Kedrion will leverage ProMetic's ability to
penetrate into the North American hyperi
|SOURCE PROMETIC LIFE SCIENCES INC.|
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