Market Overview

OraSure Technologies Terminates Assay Collaboration Agreement with Roche Diagnostics

Related OSUR
Mead Johnson (MJN) Misses on Q2 Earnings, Beats Revs
Wheeling Hospital Renews Allscripts Healthcare's Sunrise EHR

OraSure Technologies (NASDAQ: OSUR) announced today that its assay collaboration agreement with Roche Diagnostics (OTC: RHHBY) has been terminated. As part of the termination, Roche will continue to supply certain of the assays developed under that collaboration on a transitional basis for use with OraSure's existing Intercept® collection device.

Under the termination agreement, Roche will make an initial payment of $8.3 million to OraSure, will provide certain transitional product support services and will continue to supply the five FDA-cleared assays for a period of up to five years. OraSure has the right to stop the supply of assays prior to the end of the five-year period and could receive payment of up to an additional $5.5 million from Roche depending on how early in that five-year period the supply obligation is ended.

OraSure also announced today (http://phoenix.corporate-ir.net/phoenix.zhtml?c=99740&p=irol-newsarticle...) that it has reached an agreement with another party to develop and supply up to 12 homogenous fully automated oral fluid drugs of abuse assays to be used with a new Intercept┬« oral fluid specimen collection device. This new agreement will replace the terminated collaboration with Roche.  

Updated Financial Guidance

As a result of the termination agreement announced today,

See full press release

Posted-In: News Guidance Financing Contracts Management

 

Most Popular

Related Articles (OSUR + RHHBY)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters