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Codex DNA Enters Research Agreement with Pfizer  -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Codex DNA Inc (NASDAQ:) rose 9.5% on Thursday after news it has entered a research collaboration and license agreement with Pfizer Inc (NYSE:).

Pfizer and Pfizer have reached an agreement to work together on the improvement of BioXP’s platform. Pfizer can also produce certain materials of interest.

Codex will control the platform’s improvements and the intellectual property rights associated with them, while Pfizer owns the Pfizer Outputs as well and the intellectual property rights associated therewith.

Pfizer paid an initial $8 million payment to Codex. If Codex meets certain technical milestones, it could get an additional $10 million as near-term milestone payments. 

Pfizer also agreed to pay milestone payments when products reach certain clinical milestones. Each product is eligible for up to 35 million milestone payments. Codex could also get a milestone payment up to $55million for each product within an exclusive area. 

Pfizer will also pay $60 million for milestones in product sales if the products’ aggregate net sales exceed certain thresholds. In addition, Pfizer will pay as much as $180 million for milestones in exclusive products sales if they meet these requirements. 

Paul Knight, KeyBanc’s analyst, stated that this deal validates Codex DNA’s technology. He currently holds a rating of overweight and targets the share at $30.

 

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