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Gen-Probe signs licensing agreements.
2004 NOV 4 - (NewsRx.com & NewsRx.net) -- Gen-Probe (GPRO) has signed nonexclusive licensing agreements with bioMerieux and its affiliates that provide bioMerieux options to access Gen-Probe's ribosomal RNA technologies for certain uses, and that give Gen-Probe access to bioMerieux's intellectual property for detecting genetic mutations that predispose people to blood clotting disorders.
"These agreements with bioMerieux enable us to drive near-term value from our broad portfolio of patented technologies and gain access to the exciting growth market of genetic testing," said Henry L. Nordhoff, chairman, president, and chief executive officer of Gen-Probe.
Under the terms of the agreements, bioMerieux has paid Gen-Probe $0.25 million for a limited nonexclusive research license and options to develop diagnostic products for certain disease targets using the company's patented ribosomal RNA technologies. These options may be exercised for an aggregate $4.5 million in January of 2005. bioMerieux may also acquire rights to develop products for other targets by paying up to an additional $3 million by the end of 2006. The amount of revenue that Gen-Probe records in 2005 and 2006 will depend on the number of targets, if any, selected by bioMerieux. Under the licenses, Gen-Probe also will receive royalties on the sale of any products developed using Gen-Probe's intellectual property.
Gen-Probe will pay bioMerieux $1 million for a nonexclusive, worldwide license to use bioMerieux's intellectual property to develop tests that detect mutations in the genes that code for factor V and prothrombin, ...
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