NEW YORK (Thomson Financial) - Schering-Plough Corp. and OraSure
Technologies Inc. Monday agreed to collaborate on the development and promotion
of an oral hepatitis C virus (HCV) test outside the U.S.
The test will use OraSure's OraQuick technology platform.
Under the agreement Schering-Plough will reimburse OraSure for certain
development costs and will provide payments to OraSure based on the achievement
of certain regulatory and commercial milestones in international markets.
Schering-Plough will provide promotional support while OraSure will make all
sales and retain the rights to market and sell the test in all markets
throughout the world.
The agreement builds upon the existing collaboration announced in January
2007 to develop and promote a rapid oral HCV test in the U.S. physicians' office
market.
"We believe the global market opportunity for a rapid HCV test is
significant and this expansion of our collaboration with Schering-Plough should
help drive the adoption of this important product around the world," OraSure
said.
OraSure is a Bethlehem, Pa.-based company that specializes in oral fluid
specimen collection devices and diagnostic products. Its stock closed Friday at
$7.61.
Shares of Schering-Plough, a Kenilworth, N.J.-based advanced drug therapy
company, closed Friday at $19.77.
Melinda Peer
mp/pc
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