New York, NY, United States (4E) – Codexis Inc., the maker of bio-catalysts for pharmaceutical and chemical production, has agreed to give a license for the use its CodeEvolver protein technology to GlaxoSmithKline PLC.
The license allows GSK to use Codexis’ platform technology to create enzymes that can be used in making pharmaceutical and healthcare products.
Under the deal, Codexis will receive as much as $25mn paced over around two years, in which an upfront payment of $6mn will be paid and $19mn will be subject to completion of technology transfer milestones.
Codexis could also make another $5.75mn to $38.5mn per project on additional milestone payments, depending on the success of the technology’s application.
In May, Codexis reported a 38 percent drop in first-quarter revenue to $7.1mn. The result reflects the company’s weak sales in the hepatitis C drug marketplace.
Meanwhile, company’s net loss declined to $6.4mn, or of 17 cents per share, from $9.6mn, or 25 cents per share. Codexis also maintained its revenue forecast of $33mn to $35mn for 2014.