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news.Unigene Laboratories has entered into an equity transfer and exclusive license agreement with Nordic Bioscience involving three metabolic peptide analogs for Type 2 diabetes, osteoarthritis and osteoporosis developed as part of a Joint Development Vehicle (JDV).
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As per the terms of the equity transfer and exclusive license agreement, Nordic has agreed to pay $1,000,000 for Unigene’s ownership interest in the JDV.
As part of the exclusive license agreement, Unigene will be entitled to double-digit royalties from the net sales of any of the licensed products that incorporate its oral formulation technology, and single-digit royalties from the net sales of licensed products that do not.
Unigene is also eligible to receive 25% of any license fees or milestone payments should Nordic sublicense any of the compounds.
Unigene has granted Nordic owned JDV, the royalty-bearing license to develop and commercialize products incorporating any of the three licensed analogs for the treatment of Type 2 Diabetes, osteoarthritis and osteoporosis.
Unigene Chief Scientific Officer Nozer Mehta said that the synergy between the capabilities of the two companies has allowed them to progress with this exciting program.
"By way of the original JDV, Nordic has been able to expedite its evaluation of the Unigene peptides and has successfully used its industry-leading know-how and experience to determine their efficacy using a variety of cell-based technologies and animal models," Mehta added.