By Sam Boughedda
With the agreement, the company and Pfizer will collaborate to improve its BioXP platform and produce "certain materials of interest" for Pfizer.
Codex will own the improved platform and associated intellectual property rights, while Pfizer will own the Pfizer Outputs and associated intellectual property rights.
Pfizer agreed to make an upfront payment of $8 million to Codex, and if certain technical milestones are met, the company could receive an additional $10 million in near-term milestone payments.
In addition, Pfizer has agreed to make milestone payments if the products meet certain clinical milestones, with each product eligible for milestone payments up to $35 million. Codex can also receive a milestone payment of up to $55 million for the exclusive product in each exclusive field.
Furthermore, Pfizer has agreed to pay up to $60 million in sales milestones for products if aggregate net sales meet certain thresholds and up to $180 million in sales milestones for exclusive products if sales meet the requirements.
KeyBanc analyst Paul Knight said the deal provides another key validation of Codex DNA's technology. The analyst currently has an overweight rating and a $30 price target on the shares.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.