In February 2012BioGaia signed several new agreements with Nestle including the acquisition of the license to use BioGaia's Lactobacillus reuteri Protectis in infant formula during the remaining term of the patent.
In a release on Feb. 17, the Company said that the purchase price was EUR 50.8 million, of which EUR 40.0 million (SEK 356 million) was received and recognised in the first quarter of 2012. An additional payment of EUR 10.8 million would be received during the period of 2014-2017 if predefined milestones were achieved.
The first milestone is now achieved and BioGaia has received EUR 3.6 million, which will be accounted for in the first quarter of 2014. The balance of EUR 7.2 million will be received if the remaining milestones are achieved.
"This additional payment further strengthens BioGaias already strong financial position," said Peter Rothschild, President of BioGaia.
BioGaia is a healthcare company that develops, markets and sells probiotic products.
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