ProMetic Life Sciences Inc. has entered into a binding agreement with Millipore Corporation. The licensing agreement will be executed in two phases; initial and subsequent long-term licence.
As part of the initial licence ProMetic's bioseparation technology is being tested and marketed at large in Millipore's client base. Further terms of the initial licence call for ProMetic to provide Millipore with access to its latest-generation MAbsorbent products developed for the commercial manufacture of monoclonal antibodies (MAbs) and antibody fragments (Fabs) and collaboration with Millipore on applications development, product marketing and sales for these products.
Millipore to be awarded global marketing and distribution rights for existing MAbsorbent products manufactured by ProMetic and rights to co-develop and manufacture new antibody purification products based on ProMetic's Mimetic Ligand technology; the company said
Execution of a subsequent long-term licence agreement is subject to the achievement of certain commercial and technical performance targets to the satisfaction of both parties.
ProMetic previously disclosed in August 2007 that the performance of its new MAbsorbent ligands against set targets was validated in collaboration with seven leading antibody producer companies in the United States and Europe, achieving key performance milestones targeted at the purification of their recombinant MAbs and Fabs.