Biocompatibles International PLC (LSE: BII) said Eisai Co Ltd (TSE: 4523.JP) has exercised its option to license Biocompatibles' DC Bead and PRECISION Bead products in Japan, and the company will receive an initial fee of £3 million, followed by further substantial payments based on Eisai's achievement of targets.
The option agreement was previously announced in May 2008.
Following regulatory approval, Biocompatibles will supply Eisai with manufactured products at cost and will receive a double-digit royalty on net sales. The agreement provides Eisai with the first right of refusal to license related products in development at Biocompatibles for further consideration.
Eisai will market the Drug-Eluting Bead products through its direct sales force. Oncology is designated as one of Eisai's most important areas of therapeutic focus, Biocompatibles said.
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