Vaccine and medical test maker BioVeris Corp. said Tuesday it licensed a Baxter Healthcare Corp. meningitis vaccine for use in a combination vaccine that would require fewer injections per doctor visit.
Under the deal, BioVeris will receive nonexclusive, worldwide patent rights to the development, testing or use of the Neisseria meningitidis group C vaccine.
BioVeris did not disclose financial terms of the deal, but said it paid a license issue fee and may also make future payments for patent costs, milestone fees related to clinical trials and regulatory approvals.
The company will have to pay royalty fees starting in 2011.
"These new combination vaccines are expected to have the advantage of reducing the number of injections that a child would receive during a single office visit," the company said.
BioVeris shares climbed 49 cents, or 3.7 percent, to $13.64 in electronic after-hours trading. During the regular Nasdaq session, the stock touched a new 52-week high of $13.44 before closing at $13.15. Previously, the stock ranged between $3.39 and $13.21 over the past year.
source - AP