Third and final phase of the transfer earns Codexis a further US$7.5m milestone payment
Codexis, a leading protein engineering company, has completed the third and final wave in the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK). Codexis expects to receive a US$7.5m payment from GSK for completion of this milestone in the second quarter of 2016. The CodeEvolver platform technology is operational at a GSK R&D facility in Pennsylvania.
'We are delighted to have successfully completed the first full transfer of our CodeEvolver technology platform under a licensing agreement,' said Codexis President and CEO John Nicols. 'I am very proud of the successful tech transfer process executed by the Codexis team. They achieved the criteria the parties had set for the tech transfer process, which occurred ahead of schedule.'
The agreement grants GSK a license to use CodeEvolver platform technology to develop novel enzymes for use in the manufacture of its pharmaceutical and healthcare products. Codexis has the potential to receive numerous additional contingent milestone payments under the agreement with GSK that range from $5.75m to $38.5m per project based on GSK’s successful application of the licensed technology. In addition, Codexis will be eligible to receive royalties based on net sales, if any, of a limited number of products that can be developed by GSK using Codexis’ CodeEvolver protein engineering platform technology.
Codexis previously received a $6m upfront payment upon announcing the CodeEvolver technology collaboration and license agreement with GSK in July 2014, and a total of $11.5m in milestone payments from GSK for the successful completion of waves 1 and 2 of the technology transfer.