Brief: Bio-Works Signs Licensing Agreement With Amicogen

Bio-Works Technologies AB

17/02/2021 07:47

Feb 17 (Reuters) - Bio-Works Technologies AB  BIOWKS.ST :
    * BIO-WORKS SIGNS LICENSING AGREEMENT WITH AMICOGEN INC TO
ESTABLISH LOCAL MANUFACTURING OF AGAROSE RESINS IN SOUTH KOREA
    * CONTRACT PROVIDES UP-FRONT AND MILESTONE PAYMENTS OF $5
MILLION
USD AND ROYALTY PAYMENTS THEREAFTER ON AMICOGEN'S NET SALES
    * BIO-WORKS EXISTING SALES IN SOUTH KOREA ARE LESS THAN 1
MILLION
SEK PER YEAR,
    * DEAL IS OVERWHELMINGLY POSITIVE IN TERMS OF REVENUE AND
FINANCIAL OUTCOME FOR 2021
    * AGREEMENT ENTAILS A TECHNOLOGY TRANSFER  TO ESTABLISH
IN-COUNTRY
PRODUCTION OF CHROMATOGRAPHY PRODUCTS IN SOUTH KOREA
    * WILL DELIVER DOCUMENTATION AND CONSULTATION TO AMICOGEN TO
ESTABLISH LOCAL PRODUCTION OF RESINS
    * AMICOGEN WILL PAY $2.22 MILLION USD UPON SIGNING AND $1.95
MILLION USD AFTER 90 DAYS.
    * REMAINING $830 THOUSAND USD WILL BE PAID WHEN AMICOGEN HAS
VALIDATED THEIR PRODUCTION.
    * TECHNOLOGY TRANSFER IS EXPECTED TO TAKE UP TO 12 MONTHS.
    * AMICOGEN WILL GAIN EXCLUSIVE RIGHTS TO SOUTH KOREAN MARKET
    * AMICOGEN WILL PAY BIO-WORKS A ROYALTY ON THEIR NET SALES
UNTIL
2031.
    * KOREAN MARKET FOR CHROMATOGRAPHY RESINS WHICH ARE USED IN
BIOPHARMACEUTICAL PRODUCTION TO GROW TO OVER $94 MILLION USD BY
2025
    * - EXPECTS TO ENTER INTO FURTHER DISCUSSIONS WITH AMICOGEN
REGARDING FUTURE COLLABORATIONS.

Source text for Eikon:  ID:nWkr9f4DZm 
Further company coverage:  BIOWKS.ST 

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