Fusion Antibodies enters a Collaboration Agreement with a US Biotech Business

Fusion Antibodies, a preclinical antibody discovery, and supply firm said on Thursday that it has inked a collaborative R&D Agreement with an unidentified US-based biotechnology company that was recently established to focus on a variety of unique early-stage antibody products.

According to the terms of the Agreement, the AIM-traded company will provide discovery and engineering services in connection with the research and development of specific designated projects.According to the initial statement of work, Fusion would earn at least $1.83 million in fees over the following two years for supplying its first agreed-upon scope of services, which included the usage of their ‘RAMP’ affinity maturation platform.

Within the Agreement, there existed a structure for increasing payments for service work based on the outcome of such activity.On signing, the customer paid an initial cash payment of $0.32 million to Fusion, with the remaining consideration delivered at pre-agreed-upon intervals.The deal, according to Fusion, was based on specified deliverables and downstream milestones for the work, as well as service charges.If a product is successfully created, registered, and commercialized, the firm claims it will be completely entitled to royalty payments based on a proportion of the product’s sales statistics.

Fusion identified the customer, whom it could not name due to commercial sensitivity, as a biotechnology start-up formed especially to pursue the projects for which Fusion would provide services.It said that the customer was financially supported by a biotechnology investment firm headquartered in the United States that was involved in life science investments.