Martinsried/Munich, 17 December 2015. Medigene AG (MDG1, Frankfurt, Prime Standard), a clinical stage immunotherapy company focussing on the development of T-cell therapy platforms for the treatment of cancer, and SynCore Biotechnology Co. Ltd., Taiwan, today signed an asset purchase agreement for the complete transfer of EndoTAG® to SynCore, replacing and terminating the license agreement from May 2013.
Within the framework of the agreement and in addition to licensing payments and proceeds from issued Medigene shares totalling EUR 6.3 m already received, Medigene will receive a payment of EUR 5m from SynCore to be paid in five annual instalments. Moreover, Medigene is eligible to milestone payments and royalties for EndoTAG®-1. The transaction enables Medigene to further focus on its core business of immuno-oncology.
The transfer of EndoTAG® rights (closing) will take place early 2016, when the first instalment will be paid. Therefore, the agreement will have no impact on Medigene's financial guidance for 2015.
EndoTAG® is a composition of neutral and positive lipids. Loaded with the established cytostatic drug Paclitaxel, EndoTAG® builds the drug candidate EndoTAG®-1.
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