Transfer process of first CodeEvolver licensing agreement proceeding smoothly and is on track
Codexis, a leading protein engineering company, has successfully completed Wave 2 of the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK). Codexis expects to receive a US$6.5m payment from GSK for completion of this milestone in the fourth quarter of 2015.
Since announcing the technology collaboration and license agreement with GSK in July 2014, Codexis has received a $6m upfront payment and a $5m Wave 1 technology transfer milestone payment from GSK.
The agreement grants GSK a license to use Codexis’ CodeEvolver platform technology to develop novel enzymes for use in the manufacture of GSK’s pharmaceutical and healthcare products. The CodeEvolver platform technology has been installed and is operational at a GSK facility in Pennsylvania.
Codexis is eligible to receive an additional $7.5m payment from GSK subject to the satisfactory completion of the final CodeEvolver technology transfer milestone. Codexis also 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 set of products developed by GSK using Codexis' CodeEvolver protein engineering platform technology.
'The transfer process of the CodeEvolver platform technology to GSK has gone smoothly and is on track,' said Codexis President and CEO John Nicols. 'We are delighted to complete this portion of our first CodeEvolver licensing agreement.'