Under the terms of the agreement, the Israeli Ministry of Health will fund all costs associated with development of the antiserum and the establishment of a GMP manufacturing facility, a process which is expected to take two years.
During this period, Kamada will receive four payments from the Ministry of Health, totaling approximately $5 million. In addition, the Ministry of Health is committed to purchase antiserum for 10 years on agreed terms.
David Tsur, CEO of Kamada, said: “This is an important agreement for Kamada. Not only does it signal the Government’s confidence in our capabilities, it also allows us to strengthen our existing asset base. We look forward to working with the Israeli Ministry of Health in the development of snakebite antiserum and we hope that in the future our capabilities in this area will be recognized by others who require these niche products.”