Prometic Finalizes Major Technology Licencing Agreement in Tunisia
ProMetic Life Sciences Inc. announced the closing of a collaborative agreement with Tunisian partners. ProMetic's Enabling Technology has been licensed to BioMena S.A., a newly-formed private company whose corporate mission will be to manufacture biopharmaceuticals for the treatment of anemia, cancer, hepatitis and multiple sclerosis. These drugs will be sold to Middle East, North-African countries (MENA) and selected European markets, at competitive prices.
ProMetic will receive a $5 million license fee as part of the transaction: $2.5 million payable immediately upon signature and $2.5 million over the next 24 months. The Company will manage the development of the manufacturing process: a $20 million budget; it will also be involved in the training of BioMena's personnel and in bringing the plant to maximum capacity. BioMena's sales of the four selected biopharmaceutical drugs are expected to reach $200 million by 2009, on which royalties will be paid to ProMetic.
"BioMena will satisfy an immense need for adequately-priced biopharmaceuticals in MENA countries. Follow-on biologics are a US $13 billion market opportunity and ProMetic's ability to enable the production of drugs meeting the highest quality standards at competitive prices is a key advantage," said Pierre Laurin, Chairman and CEO of ProMetic. "ProMetic's mission is to implement its Enabling Technology in industrial sectors such as the plasma industry and in regions of the world where manufacturing processes would greatly benefit from lower cost of goods and safer products. This bilateral agreement between two companies that represent two cultures and two continents is a major step in this direction and we look forward to a mutually rewarding relationship with our Tunisian partners."
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