Unigene and Nordic Bioscience amend JDV accord; Amgen Vectibix China deal

USA-based Unigene Laboratories (PINK: UGNE) has entered into an equity transfer and exclusive license agreement with Nordic Bioscience, involving three proprietary metabolic peptide analogs for type 2 diabetes, osteoarthritis and osteoporosis developed as part of a joint development vehicle (JDV) established by both companies in October 2011.

Under the terms of the deal, Nordic has agreed to pay $1 million for Unigene's ownership interest in the JDV. In accordance, Unigene has granted the now 10 million 0% Nordic-owned JDV, an exclusive, royalty-bearing license to develop and commercialize products incorporating any of the three licensed analogs for the treatment of type 2 Diabetes, osteoarthritis and osteoporosis in humans. Last year, the companies selected UGP302 as the lead compound for Type 2 diabetes (The Pharma Letter August 16, 2012).

As part of the exclusive license agreement, Unigene will be entitled to double-digit royalties from the net sales of any of the licensed products that incorporate Unigene's oral formulation technology, and single-digit royalties from the net sales of such licensed products that do not. Unigene is also entitled to receive 25% of any license fees or milestone payments should Nordic sublicense any of the compounds.