Oasmia, Abbott Announce Collaboration Deal for Canine Oncology Therapies
Oasmia and Abbott (NYSE: ABT) have entered into an exclusive global collaboration agreement with respect to Oasmia's two leading animal health product candidates, Paccal® Vet and Doxophos® Vet. The agreement significantly expands the nature and scope of the initial collaboration that was initially entered into in 2009 between Oasmia and Abbott regarding these products.
Under the terms of the expanded agreement, Abbott Animal Health will obtain exclusive license and distribution rights to the products for essentially the entire world. In return, Oasmia will receive an upfront payment and is eligible to receive additional milestone payments of up to $21.5M subject to Oasmia meeting various product development and sales milestones. In addition, in the event either or both of the products are commercialized, Oasmia shall receive tiered royalties on net sales. Oasmia will continue to fund research, development and manufacture of Paccal® Vet and Doxophos® Vet.
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