Agreement to Bring Rapid, Oral HCV Test Outside the U.S.
AFX News Limited
Schering-Plough, OraSure Tech collaborate on oral hepatitis C test outside U.S.
02.11.08, 9:41 AM ET
NEW YORK (Thomson Financial) – Schering-Plough Corp. and OraSure Technologies Inc. Monday agreed to collaborate on the development and promotion of an oral hepatitis C virus (HCV) test outside the U.S.
The test will use OraSure’s OraQuick technology platform.
Under the agreement Schering-Plough (nyse: SGP – news – people ) will reimburse OraSure for certain development costs and will provide payments to OraSure based on the achievement of certain regulatory and commercial milestones in international markets.
Schering-Plough will provide promotional support while OraSure will make all sales and retain the rights to market and sell the test in all markets throughout the world.
The agreement builds upon the existing collaboration announced in January 2007 to develop and promote a rapid oral HCV test in the U.S. physicians’ office market.
‘We believe the global market opportunity for a rapid HCV test is significant and this expansion of our collaboration with Schering-Plough should help drive the adoption of this important product around the world,’ OraSure said.
OraSure is a Bethlehem, Pa.-based company that specializes in oral fluid specimen collection devices and diagnostic products. Its stock closed Friday at $7.61.
Shares of Schering-Plough, a Kenilworth, N.J.-based advanced drug therapy company, closed Friday at $19.77.
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