IRIS Int'l (IRIS) Unit Licenses Whole Blood Separator Technology to IDEXX (IDXX) for $1.5M Plus Royalties
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IRIS International (NASDAQ: IRIS) today announced that its IRIS Sample Processing Business Unit has entered into a manufacturing and supply agreement with IDEXX Laboratories, Inc. (NASDAQ: IDXX), for internal centrifugal drive systems and related whole blood separators developed by IRIS for use in the new IDEXX Catalyst Dx(TM) Chemistry Analyzer for the veterinary market, which IDEXX has begun selling to customers around the world.
Under the terms of the agreement, in exchange for a $1.5 million upfront cash payment and future royalties starting in 2014, IRIS Sample Processing has granted IDEXX an exclusive worldwide license to manufacture the whole blood separator technology developed for the IDEXX Catalyst Dx(TM) Chemistry Analyzer. IDEXX will assume manufacturing for the whole blood separator. In addition, for the life of the agreement, which runs through December 31, 2020, IRIS will exclusively manufacture and sell to IDEXX the internal centrifugal drive system IRIS developed for the Catalyst Dx(TM) analyzer. IDEXX may assume manufacturing for the drive systems starting in 2016 by paying IRIS a per unit royalty for the remaining term of the agreement.
IRIS International, Inc. engages in the design, development, manufacture, and marketing of in-vitro diagnostics (IVD) systems, consumables, and supplies for urinalysis and body fluids; and centrifuges, and other processing equipment and accessories for specimen processing.
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