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news.ProMetic Life Sciences, a biopharmaceutical company, has announced that its UK-based subsidiary, ProMetic BioSciences, has signed a long-term supply agreement with a European biopharmaceutical company. The contract is estimated to be worth up to $35 million over the next six years, with first shipment delivery starting this quarter.
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This agreement will provide access to one of ProMetic’s proprietary affinity adsorbents for incorporation into this company’s manufacturing process.
Steve Burton, CEO of ProMetic BioSciences, said: “This agreement provides further evidence of the underlying growth in the demand for ProMetic’s proprietary affinity adsorbents. Due to reasons of client confidentiality the terms of the agreement and the name of ProMetic’s partner remain undisclosed.”
Pierre Laurin, ProMetic’s president and CEO, said: “More and more biopharmaceutical products that have received or are expecting to receive approval from the regulatory agencies such as the FDA or the European Medicines Agency are now manufactured using ProMetic’s affinity adsorbent products.
“ProMetic’s affinity adsorbent products are therefore locked into the regulated manufacturing processes of these biopharmaceuticals and represent long-term recurring and growing annuity revenues for the company.”