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news.Alphatec Spine, a wholly owned subsidiary of Alphatec Holdings, and Progressive Spinal Technologies have entered into an exclusive worldwide license agreement that provides Alphatec Spine the right to commercialize Progressive's dynamic anterior cervical plate technologies.
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The financial terms of the license agreement includes, an up-front license fee payment to be made by Alphatec to Progressive. Testing, design, regulatory and sales milestone payments that could begin to be achieved and paid by Alphatec to Progressive in 2008 and a royalty payment based on net sales of licensed products, with minimum annual royalties beginning in 2009.
The exclusive license agreement expires in 2028. Alphatec Spine has the right to sublicense the technology to third parties as well as terminate the license agreement for any reason upon 90 days prior written notice to Progressive. Each party has the right to terminate the license agreement for a material uncured breach by the other party.