Biosensors, Terumo amend $40M DES license agreement
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.
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.