Biosensors International Group has reported that its subsidiary, Biosensors Europe, has signed a modification to the drug-eluting stent (DES) license agreement with Terumo, amending the originally formed in October 2003.
Under the terms of the revised five-year agreement, Terumo has agreed to pay Biosensors $40 million in exchange for a reduction of the revenue sharing provisions applicable to sales of the Nobori1 drug-eluting stent (DES) outside of Japan, Biosensors said. The company said the revised agreement also clarifies other operational and development aspects of the companies’ relationship going forward. The $40 million payment will be paid within 30 days and the revenues will be recognized by Biosensors.
Under the original agreement, the Tokyo-based Terumo was granted a license to develop, manufacture, market and sell DES systems incorporating Biosensors’ BioMatrix DES technologies, according to the Singapore-based Biosensors.
The company said that Terumo’s rights to market and sell Biosensors’ recently approved Nobori1 DES system are exclusive in Japan and non-exclusive elsewhere, except the U.S., where Biosensors retains all rights.
Terumo has previously paid Biosensors’ entities a total of $14 million in milestone payments and is required to share future revenues with Biosensors over the term of the agreement, which is five years after initial launch of the Nobori1 DES.