Takara Pays Lynx $3M in Modification of Licensing Agreement

NEW YORK, Aug. 5 (GenomeWeb News) - Lynx Therapeutics of Hayward, Calif., said today that Takara Bio of Japan has paid it $3 million in a modification of the two companies' technology licensing agreement.

Under the modification of the agreement, which was originally signed in 2000 and expanded earlier this year, Takara will now have the exclusive, royalty-free right to use Lynx's technologies in China, Korea, and Japan.

Takara will also be relieved of its obligation to pay Lynx, $2 million in 2003 and 2004, along with royalties, and has obtained three of Lynx' Massively Parallel Signature Sequencing, or MPSS, instruments, in addition to the two it already owns.

The modified agreement also relieves Takara, which owns 13.5 percent of Lynx outstanding common stock, of an obligation under the original agreement to make additional equity investments in Lynx.