Verenium Corporation, a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, and Novus International Inc., a leading manufacturer of animal and human nutrition and health products, announced a strategic collaboration to jointly develop and commercialize a suite of new enzyme products from Verenium's late-stage product pipeline in the animal nutrition and health area globally.
"We are extremely enthusiastic about our partnership with Novus, the potential opportunity it represents for the continued development of our pipeline and for Verenium to become a more active participant in the animal health and nutrition marketplace with our suite of high-performance enzyme products," said James Levine, President and CEO at Verenium. "Novus brings world-class leadership and experience launching products in this market, and with our combined skills, we look forward to working closely as partners to commercialize a series of market-leading products over the coming years."
Thad Simons, president and CEO of Novus International adds, "We are very excited about our partnership with Verenium, as it will propel Novus toward new solutions to performance challenges and help us as we work to add further value to our customers' businesses. Verenium's approach to product development is very innovative and based on the highest standards of science. This partnership is a natural alignment and we expect to deliver great results for our industry working together."
Key terms and highlights of the collaboration include:
- The initial focus of the partnership will be on select late-stage product candidates from Verenium's pipeline targeting the poultry, swine, beef, dairy, aquaculture and companion animals markets;
- The global partnership will include equal management representation from Verenium and Novus to direct various activities, including budgeting, development and marketing plans;
- The companies will partner equally to fund development and commercialization and share in the profits, as well as provide other resources and expertise that would otherwise have been funded solely by Verenium;
- Verenium will receive license payments of $2.5 million upon signing and $2.5 million following regulatory filings or commercial activity; and
- In the marketplace, all products will be co-branded by Verenium and Novus.