ProMetic Life Sciences and Abraxis BioScience are joining forces to develop and commercialize products based on ProMetic’s prion-capture technology. The deal will see both companies equally share both development costs and commercial income from resulting products.
ProMetic’s pathogen removal and diagnostic platform originated from its collaboration with the American Red Cross through their joint venture, Pathogen Removal and Diagnostic Technologies (PRDT). The technology is integrated into ProMetic’s CE marked P-Capt® filter, a prion-reduction device developed with its commercialization partner, MacoPharma. The filter is also used by partners at the industrial scale to improve the safety margin of biopharmaceutical products.
In October 2009, ProMetics announced finalizing its intended transaction with the American Red Cross to acquire the latter’s common stock holding in PRDT. The transaction, originally announced in April 2008, increased ProMetic’s stake in the business from 26% to a controlling 77% in exchange for a tapering royalty on PRDT revenue.
In September 2008, ProMetic and Abraxis signed definitive agreements for the development and commercialization worldwide (excluding China and Taiwan) of four biopharmaceutical products against underserved medical conditions. The transaction included an initial $7 million strategic investment in ProMetic by Abraxis and gave the latter rights to make optional investments of up to $25 million.