Nuevolution announces that Janssen Biotech has used its option to expand the collaboration with Nuevolution, thereby providing Nuevolution with a technology access fee payment of 600,000 USD (SEK 5.45 million).
Nuevolution A/S and Janssen entered into collaboration on 19 October 2015 for application of Nuevolution’s proprietary Chemetics drug discovery platform against biological disease targets of interest to Janssen Biotech.
Under the terms of the collaboration agreement, the expansion of the collaboration to include one or more further targets, entitles Nuevolution to receive a technology access fee payment and research funding on a per target basis. In addition, Nuevolution is eligible to receive milestone payments if specified research, development and commercial milestones are achieved. If products are commercialized as a result of the collaboration, Nuevolution will also be entitled to receive certain royalty payments on net-sale of those products.