Genentech has announced that it has signed a research collaborationagreement to cover a range of disease programs with CuraGen Corp, a biotechnology company based in New Haven, Connecticut, USA.
Genentech has agreed to purchase $5 million worth of CuraGen stock and to provide up to $26 million in the form of a loan. During the term of the agreement, and after the end of the first year, the drawn-down portion of the loan is convertible at CuraGen's option into stock at what the companies agree to be a fair market price.
Genentech will provide additional funding of up to $24 million over five years if it has not terminated the deal, whilst having licensing rights to any discoveries arising from the collaboration. After a period of exclusivity, these rights will revert back to CuraGen, which will receive milestone and royalty payments for each therapeutic product that is developed.
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