SDIX collaboration agreement with BD Diagnostics terminated

theflyonthewall.com

On November 21, Strategic Diagnostics (SDIX) received notice from the BD Diagnostics – Diagnostic Systems business unit of Becton, Dickinson and Company (BDX), "BD", that BD was terminating the collaboration, License and Supply Agreement, dated as of February 2, between the Registrant and BD. Such termination will be effective on December 21.The Agreement, which had a stated term of 10 years, SDIX licensed to BD certain Patent Rights and agreed to supply BD with certain proprietary antibodies and media. In addition, SDIX agreed to provide consulting services in support of BD’s efforts regarding product development and regulatory approvals. BD paid SDIX an upfront technology enablement fee of $1,250,000 and agreed to pay up to $2,500,000 contingent upon the occurrence of certain milestones. In addition to such upfront payment for technology enablement, milestone payments and product supply payments for products ordered and delivered, BD also agreed to pay SDIX royalties on sales of certain BD products incorporating the licensed technology. Other than the initial payment from BD, total revenues received to date in 2012 under the Agreement were approximately $200,000.

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