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Rehovot-based XTL Biopharm Signs $35.5m. Licensing Agreement
XTL Biopharmaceuticals has signed a licensing agreement with US biotechnology company VivoQuest worth up to $35.5 million excluding royalty fees.
"The Rehovot-based company, which develops drugs to treat hepatitis, said on Monday that it will acquire the exclusive global rights to VivoQuest's intellectual property and technology, including its compounds for the treatment of the Hepatitis C virus (HCV) and its compound library.
XTL will pay an upfront license fee of $940,000 in ordinary shares and $34.6m. in milestone payments, which will be triggered by the achievement of certain regulatory and sales targets. This includes $25m. that will be paid following regulatory approval or product sales, for which XTL will also make royalty payments. In addition, XTL will pay $450,000 in ordinary shares to buy VivoQuest's laboratory equipment and other assets, and it will assume the US company's lease of its laboratory space. XTL expects the transactions to close in September.
The company said the licensing deal strengthens its HCV pipeline and broadens its small-molecule technology base. Chairman Michael Weiss said VivoQuest's lead program is an early stage program with much potential.
"(VivoQuest) has already identified a large number of candidates that compare favorably with the most promising anti-HCV compounds presently in clinical development," he said.
XTL appointed Weiss as non-executive chairman earlier this month. He had been interim chairman since March after rebel investors persuaded shareholders to oust interim chairman and chief executive Elkan Gamzu and two other directors in February.
XTL is due to list on the Nasdaq soon having registered its shares on the Tel Aviv Stock Exchange in July, making it the first company to dual-list in London and Israel."
Source: Yigal Grayeff. XTL signs $35.5m. licensing agreement (23 August 2005) [FullText]
"The Rehovot-based company, which develops drugs to treat hepatitis, said on Monday that it will acquire the exclusive global rights to VivoQuest's intellectual property and technology, including its compounds for the treatment of the Hepatitis C virus (HCV) and its compound library.
XTL will pay an upfront license fee of $940,000 in ordinary shares and $34.6m. in milestone payments, which will be triggered by the achievement of certain regulatory and sales targets. This includes $25m. that will be paid following regulatory approval or product sales, for which XTL will also make royalty payments. In addition, XTL will pay $450,000 in ordinary shares to buy VivoQuest's laboratory equipment and other assets, and it will assume the US company's lease of its laboratory space. XTL expects the transactions to close in September.
The company said the licensing deal strengthens its HCV pipeline and broadens its small-molecule technology base. Chairman Michael Weiss said VivoQuest's lead program is an early stage program with much potential.
"(VivoQuest) has already identified a large number of candidates that compare favorably with the most promising anti-HCV compounds presently in clinical development," he said.
XTL appointed Weiss as non-executive chairman earlier this month. He had been interim chairman since March after rebel investors persuaded shareholders to oust interim chairman and chief executive Elkan Gamzu and two other directors in February.
XTL is due to list on the Nasdaq soon having registered its shares on the Tel Aviv Stock Exchange in July, making it the first company to dual-list in London and Israel."
Source: Yigal Grayeff. XTL signs $35.5m. licensing agreement (23 August 2005) [FullText]
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