Genetic Technologies Grants License to Genzyme for Human Genetic Testing Applications
Melbourne. Genetic Technologies Limited ("GTG") has granted a license to Genzyme Corporation for human testing applications as part of the first step in a new collaboration. Under the license agreement, Genzyme will pay GTG a signing fee and an annual fee for the life of certain non-coding patents. Financial terms were not disclosed.
The license granted by GTG to Genzyme covers a wide range of human genetic testing applications -- including research, pre-clinical trials and commercial genetic testing. These rights will apply non-exclusively in USA, Europe and Japan. GTG retains the rights to these tests in the Asia-Pacific region, where the Company continues to build its own genetic testing capability.
Commenting on the agreement, Dr. Mervyn Jacobson, executive chairman of Genetic Technologies, said, "We are delighted to extend rights to this important intellectual property to a company of Genzyme's stature. This agreement is a significant step as we continue to license rights worldwide."
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