License agreement + Procter & Gamble <-> Marinomed
Marinomed, a listed biotechnology company based in Korneuburg, Lower Austria, has signed a licensing agreement with US consumer goods giant Procter & Gamble. As a result, the company's share price jumped sharply on the Vienna Stock Exchange on Friday morning.
The agreement covers the U.S. and certain Marinomed medical products that are protected by several patents, according to a company statement late Thursday night. Procter & Gamble is now taking the necessary steps to market those products in the United States, it said.
Marinomed is responsible for technology transfer, specifically providing P&G with the necessary data needed for regulatory approval. Under the terms of the agreement and depending on the achievement of certain regulatory and commercial milestones, Marinomed is entitled to receive so-called milestone payments as well as royalties on sales of the so-called Carragelose products for the treatment of diseases caused by respiratory virus infection.
The agreement covers the U.S. and certain Marinomed medical products that are protected by several patents. Procter & Gamble is now taking the necessary steps to market these products in the United States, he said.
While the announcement does not include financial details or information on the timing of a launch of Carrragelose products, it is nonetheless significant and has a positive impact on Marinomed's share valuation and price performance, Erste Group analyst Vladimira Urbankova says in an initial reaction. She writes of a "positive surprise for market participants" and refers to the current low price of the shares, which is at an inviting level - her "Buy" investment recommendation remains in place in view of this development.
Marinomed is responsible for technology transfer within the licensing agreement, according to the press release, specifically providing P&G with the necessary data needed for regulatory approval. Under the terms of the agreement, and depending on the achievement of certain regulatory and commercial milestones, Marinomed is eligible to receive so-called milestone payments as well as royalties on sales of the so-called Carragelose products for the treatment of diseases caused by respiratory virus infection.
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