Oxford Glyco sets up JV with Marconi
UK biotechnology company Oxford Glycosciences is setting up a jointventure, to be called Confirmant, with electronics giant Marconi, which will use the latter's technology to supply OGS' proteome databases, in particular the Protein Atlas of the Human Genome, to pharmaceutical firms and researchers.
Confirmant will by 50:50 owned and will have initial funding of L30 million ($41.2 million) contributed equally by Marconi and OGS in cash. The new JV will pay OGS L5 million for exclusive marketing rights to its intellectual property on specific proteome databases, including the Protein Atlas. OGS will also license its data analysis software in consideration for a cash payment from Confirmant of L1.5 million.
In addition, Marconi will invest L10 million in OGS through a subscription for 645,162 new OGS ordinary shares at L15.50 per share.
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