Avacta Group said Monday that ModernaTX had exercised its option to enter into an exclusive licensing agreement with respect to certain Affimer molecules that had been generated through collaboration between the two companies.
Under the terms of the agreement, Avacta was in line to receive undisclosed payments based on future clinical development milestones and royalties in connection with future product sales.
In 2015, Avacta and Moderna entered into a collaboration, license and option agreement under which Moderna was granted exclusive access to Avacta's Affimer technology for certain collaboration targets.
It was also graded the option to enter into exclusive license agreements on pre-agreed terms to further research, develop and commercialize Affimers selected by Moderna.
'I am delighted to report that Moderna has exercised its option to enter into this exclusive license agreement with respect to certain Affimer molecules that have been generated through our collaboration. This is further strong validation of the potential of the Affimer drug platform to generate differentiated therapeutic molecules for development,' said Dr Alastair Smith, Avacta Group Chief Executive Officer.
At 8:32am: (LON:AVCT) Avacta Group PLC share price was +2.3p at 44.8p