Benitec Grants Sigma-Aldrich License To RNAi Patent Portfolio
作者: 整理时间:2005-10-27
10/25/2005
Sigma-Aldrich Acquires Equity Stake in Benitec
Mountain View, CA and St. Louis - Benitec Ltd., a developer of RNA interference (RNAi)-based therapeutics, and Sigma-Aldrich Corporation, a supplier of biochemical reagents and kits used in life sciences research, announced the signing of two major agreements, one in which Sigma acquires an equity stake in Benitec and one in which Benitec grants Sigma a license for the use of Benitec's RNAi technology. Benitec will receive more than US $4.5 million from the equity and licensing transactions, and Sigma will obtain an
exclusive license to Benitec's intellectual property in the research reagent market.
Sara Cunningham, Chief Executive Officer of Benitec Ltd., stated, "These
agreements with Sigma further validate the impact of RNAi on basic and applied
life sciences as well as the enormous market potential of the application of
RNAi within traditional drug discovery. More importantly, they underscore
Benitec's position in the RNAi arena and our strong, proprietary patent
portfolio. Sigma is positioned to be a major market force in RNAi reagents and
will be able to fully exploit this aspect of our intellectual property, while
allowing us to focus our efforts on the development of RNAi as a new class of
drugs. Benitec retains all of its existing rights to human therapeutics and
diagnostics including the ability to enter into commercialization and drug
discovery agreements with pharmaceutical partners.
"We are delighted that Sigma has chosen to take an equity stake in
Benitec, thereby recognizing the value of the Company and participating in the
future success of Benitec."
Shaf Yousaf, President of the Sigma-Aldrich Research Biotechnology
business unit, stated, "Following our research collaboration with The RNAi
Consortium (TRC); our acquisition of Proligo; and securing licenses to key
RNAi intellectual property from MIT, Alnylam, Oxford BioMedica and now
Benitec, Sigma-Aldrich has put in place a major intellectual property
portfolio in RNAi which positions us well for market leadership in RNAi
research reagents. Additionally, the equity stake in Benitec ensures our
ability to capitalize on their know-how and proprietary technologies to
deliver innovative tools and services to the biopharmaceutical industry."
Supporting Mr. Yousaf's comments David Smoller, Vice President of R&D and
Operations, Sigma-Aldrich Research Biotechnology, stated, "This significant
agreement with Benitec not only provides us with access to their intellectual
property, but also to technology and know-how that will allow us to accelerate
our product development efforts in RNAi and offer unique products and services
that will make the Sigma-Aldrich RNAi products Best in Class."
In return for an exclusive license in the research reagent field, Sigma
will make an initial payment of US $2.0 million as well as continuing
royalties on product sales and sublicensee revenue. Sigma also receives a
license in the research reagent field to patents co-owned by Benitec and
Commonwealth Scientific and Industrial Research Organization (CSIRO) of
Australia for its solely owned commercial rights to RNAi in "non-human
applications," including its use in plants, animals, and insects.
The US $2.5 million equity investment will be made in two tranches. Sigma
purchased 13,507,118 ordinary shares of Benitec for US $1.7 million. Following
receipt of shareholder approval, which is anticipated, Sigma will purchase an
additional 6,024,132 ordinary shares for $0.8 million. The shares in both
tranches will be issued at the US Dollar equivalent of A$0.17 per share. The
shares will rank equally with existing Benitec ordinary shares. Subject to the
conditions of the second tranche, Sigma is further granted 10,011,643 options
to purchase Benitec stock, exercisable at A$0.32 at any point prior to April
6, 2008.
SOURCE: Benitec Ltd. and Sigma-Aldrich Corporation
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