SANOFI-AVENTIS PAYS $16m PLUS COSTS FOR UNILIFE’S SYRINGE
July 3rd 2008 04:59
Tuesday July 1, 2008
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UNILIFE MEDICAL SOLUTIONS
Sanofi-Aventis will pay Unilife Medical Solutions a licence fee of $16.4 million (EUR10 million) for rights to the Unilife Ready-to-Fill Syringe for five years.
Payment is expected by July 31, 2008.
The prefilled safety syringe has automatic, user-controlled needle retraction features to help protect those at risk of needle-stick injury.
All safety features for the RTFS are fully integrated into the device.
Unilife said the parties agreed to negotiate in good faith to finalize an industrialisation agreement between Unilife and Sanofi Winthrop Industrie to be signed by December 31, 2008.
Sanofi Winthrop Industrie will bear the industrialisation costs for the product estimated by Unilife to be approximately $24-$27 million (EUR15-17 million) upon the achievement of key milestones scheduled to occur between July 1, 2008 and the end of 2011.
The parties have agreed that Sanofi Winthrop Industrie will make the initial payment toward the industrialisation agreement of $2.45 million (EUR1.5 million) upon completion of certain milestones by September 30, 2008, separate from the $16.4 million licence fee.
Unilife is responsible for expanding pilot production of the syringe at its US subsidiary Integrated Biosciences to support the supply of an initial one million units to Sanofi-Aventis at a price to be agreed by both parties.
Unilife commenced pilot production of the Ready-to-Fill Syringe at its US facility earlier this year, to support the completion of product evaluation activities by Sanofi-Aventis.
Unilife is reviewing a number of opportunities to increase production of the RTFS up to, and beyond, 400 million units per year with commercial supply to Sanofi-Aventis expected to begin by the end of 2011.
Unilife fell seven cents or 15.22 percent to 39 cents with 5.5 million shares traded.
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