NEW YORK, March 12 -- Genetic Technologies of Melbourne, Australia, and Pyrosequencing of Uppsala, Sweden, today announced a cross-licensing agreement the two companies are valuing at $2.5 million.
Pyrosequencing will pay Genetic Technologies a fee of $500,000 and royalties for a non-exclusive license to Genetic Technologies' non-coding DNA analysis and mapping patents. Genetic Technologies will install three Pyrosequencing instruments in Australia, and gain access to intellectual property for use in Australia and New Zealand.
The companies will collaborate to develop gene-based assays based on the Pyrosequencing platform.
In a statement, the companies said that cash payments, instruments, reagents, assay design services, intellectual property and royalties is estimated to be worth $2.5 million.
Genetic Technologies will apply the technology to its genetics diagnostics business, and its cacncer-susceptibility testing facility being established in Melbourne.