NEW YORK (GenomeWeb) – Tekmira Pharmaceuticals announced last week that it has received a $1.5 million milestone payment from ag-bio giant Monsanto.
In January, Tekmira announced that it signed a licensing deal giving Monsanto an option to license its proprietary lipid-based RNAi delivery technology for use in agricultural applications. Over the four-year term of the arrangement, Tekmira is providing Monsanto with lipid formulations in exchange for undisclosed payments to maintain the option. If Monsanto chooses to exercise its option, it will pay an undisclosed fee to Tekmira and receive an exclusive, worldwide license to its delivery technology in agriculture.
According to Tekmira, it has completed certain undisclosed program objectives, triggering the milestone payment. The company has previously received $16 million in milestones from Monsanto.