BioVeris Completes Additional Vaccine License
New License Adds Neisseria meningitidis group Y and Haemophilus influenzae type b to Bioveris's Vaccine Candidate Portfolio
BioVeris Corporation announced that it has entered into a new Technology License Agreement with Baxter Healthcare Corporation. BioVeris received an exclusive, worldwide license to certain patent rights and know-how to use Neisseria meningitidis group Y and Haemophilus influenzae type b (Hib) components in new vaccine candidates for the prevention of invasive disease, including meningitis, sepsis and pneumonia. These new vaccine candidates, which may be used in combination with other vaccines, are expected to have the advantage of reducing the number of injections that a child would receive during a single office visit.
Under the Technology License Agreement, BioVeris receives exclusive rights, subject to potential future modification, to patents and know-how related to the manufacture, production, use, marketing, distribution and sale of the vaccine or vaccine combination candidates. The Company paid a license issue fee and may also make additional future payments for patent costs, milestone fees for initiating and completing human clinical trials and receiving regulatory approvals. The Company is also required to pay royalties on product sales and, beginning in 2011, is required to pay a minimum annual royalty that will be reduced by the amount of any milestone payments and royalties payable to Baxter under the Technology License Agreement for the applicable calendar year.
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