Following the launch of an R&D project for improvement of an enzyme used for manufacturing high-value pharmaceuticals in November 2015, Primordial Genetics signed a Collaboration and Option Agreement with the San Diego-based pharmaceutical company (‘Company A’), covering the project. The costs of the project will be borne by Company A, and successful delivery of improved enzyme variants will result in milestone payments to Primordial Genetics that could total $1.7M over the lifetime of the project.
Company A will have the option for two additional projects under the same terms but with adjusted milestone payments, which could total $16.7M per project over the lifetime of the projects.
The screen for improved enzyme variants is well under way and the two companies expect to begin testing individual enzyme variants isolated in the screen in May 2016. The name of Company A and the details of the project will be announced at a future date.