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news.US based DxTech has entered into a long-term strategic alliance with Nicholas Piramal India.
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The alliance includes a license and development agreement relating to DxTech’s proprietary technology, a distribution agreement and an agreement to establish a joint venture between the companies for the marketing and sales of the commercial product.
The alliance gives Nicholas Piramal India (NPIL) an exclusive license to DxTech’s Vantix platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan. In return, DxTech has received a multi-million dollar up-front fee and will receive three further product development fees, based on specific milestones over the next 18-36 months, each for at least one million dollars.
DxTech will also receive long-term royalties based on gross sales in India, as well as its share of profits made by the joint venture. Nicholas Piramal will allocate dedicated employees to this relationship and will be investing additional funds for the joint venture’s marketing and distribution costs.