Xenetic Biosciences and Baxter International have amended their licensing agreement related to the development of polysialylated blood coagulation factors, including Factor VIII, using Xenetic's technology platform. Under the amended agreement Xenetic Biosciences has received a $10 million investment from Baxter, and is eligible for increased milestone payments totaling as much as $100 million, as well as increased royalties on sales.
"We are extremely pleased by Baxter's commitment to Xenetic and to our longstanding collaboration to develop polysialylated blood coagulation factors using Xenetic's unique technology," said Scott Maguire, chief executive officer of Xenetic. "The new terms in our agreement represent enhanced economics for Xenetic. Additionally, we expect to utilize the capital resulting from Baxter's equity investment to further advance our development pipeline programs, particularly in the orphan drug arena, which feature a number of potential near-term, value-creating clinical milestones."
The exclusive worldwide agreement dates back to August 2005, with the goal of improving the pharmacokinetic profile of these coagulation factors to increase the quality of life of patients.