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Transgenomic enters agreement with DNA Technologies

Transgenomic announced that it has entered into an agreement to sell to Integrated DNA Technologies the rights to Transgenomic’s SURVEYOR Nuclease technology and assets for a minimum of $4.25M. Under the terms of the agreement, IDT will make an upfront payment of $3.65M and additional minimum payments of $0.6M or more to Transgenomic during the first year of the agreement. Transgenomic will transfer rights to the SURVEYOR patents, license, technology, know-how and trademarks to IDT, as well as all inventory of the product. As part of the agreement, IDT will exclusively sublicense rights for all clinical and diagnostic applications of the SURVEYOR technology back to Transgenomic. Further terms of the agreement were not disclosed.