Transgenomic reported that it has entered into an agreement to sell to Integrated DNA Technologies (IDT) the rights to Transgenomic's Surveyor Nuclease technology and assets for a minimum of $4.25 million.
According to a release from the company, under the terms of the agreement, IDT will make an upfront payment of $3.65 million and additional minimum payments of $0.6 million or more to Transgenomic during the first year of the agreement.
Transgenomic said it will transfer rights to the Surveyor patents, license, technology, know-how and trademarks to IDT, as well as all inventory of the product.
As part of the agreement, IDT will exclusively sublicense rights for all clinical and diagnostic applications of the Surveyor technology back to Transgenomic. Further terms of the agreement were not disclosed.
Paul Kinnon, President and Chief Executive Officer of Transgenomic, said, "The sale of Surveyor Nuclease technology to IDT for the non-core research market allows us to focus more of our resources on commercialization efforts in our Patient Testing, Biomarker Identification, and Genetic Assays and Platforms business units. By licensing back exclusive rights to clinical and diagnostic uses of the technology, we have ensured we will have continued access to Surveyor in high value clinical and pharmaceutical services applications. The monetization of this asset will also contribute to our expedited development and commercialization efforts for Ice Cold-PCR, Transgenomic's groundbreaking technology that enables the detection and monitoring of actionable mutations in cancer patients using non-invasive liquid biopsies."
Dr. Joseph Walder, IDT's founder and Chief Executive Officer, noted, "IDT has a well-earned reputation as an innovator and leader in the production of nucleic acid products for researchers worldwide. The Surveyor Nuclease Detection Kits are a natural addition to our growing product line, and we are delighted to have acquired rights to the technology from Transgenomic."
Transgenomic is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through diagnostic technologies.
Integrated DNA Technologies (IDT) is a supplier of custom nucleic acids.
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