Agreement Furthers OCD’s Global Leadership in Transfusion Medicine
RARITAN, N.J. - Friday, January 30th 2015 [ME NewsWire]
(BUSINESS WIRE) Ortho-Clinical Diagnostics, Inc. (“OCD”) announced it has entered into an exclusive agreement with commercial-stage diagnostics company Quotient Limited (“Quotient”) to distribute and sell Quotient’s transfusion diagnostics platform MosaiQ™.
MosaiQ™, which is currently in development, is being designed with Quotient’s proprietary technology platform. This technology promises to allow improved time to test results and more comprehensive matching of donor and patient blood, beyond what is available in current transfusion diagnostic instruments.
Under the terms of the Distribution and Supply Agreement, Quotient is responsible for the development and launch of MosaiQ™, while OCD will leverage its worldwide commercial capabilities to sell the product to customers. OCD has exclusive rights to distribute MosaiQ™ for the global patient testing market (for blood grouping) and the donor testing market in the developing world and Japan (for blood grouping and serological disease screening). Quotient retains all rights to commercialize MosaiQ™ in the developed world (excluding Japan) for the donor testing market.
"We believe this strategic relationship with Quotient for the innovative MosaiQ™ technology has the potential to bring completely new solutions to the global transfusion diagnostics market," said Martin Madaus, Chairman and Chief Executive Officer of OCD. "As the worldwide leader in blood typing we are very excited about the opportunity to add Quotient’s novel approach to blood grouping to OCD's market-leading product and service offerings. Together we will bring valuable and very differentiated offerings to donor collection agencies, hospitals and reference laboratories worldwide."
Quotient is eligible to receive up to $59.0 million for the completion of regulatory and commercialization milestones related to approval and launch of MosaiQ™ in the U.S. and the European Union for blood grouping. Simultaneous with the establishment of the Distribution and Supply Agreement, OCD will also invest $10.0 million in new Quotient ordinary shares at an issue price of $22.50 per share and $15.0 million in new Quotient redeemable preferred shares carrying a 7% annual dividend.
“Quotient believes that MosaiQ™ will deliver significant improvements for transfusion diagnostics customers, worldwide,” said Paul Cowan, Chairman and Chief Executive Officer of Quotient. “We are pleased to partner with OCD, a proven leader in transfusion diagnostics with the commercial strength and global market presence to accelerate access to MosaiQ™ as the platform is commercialized.”
Quotient will be responsible for the manufacture of all products (instruments, consumables and ancillary products) associated with MosaiQ™ and has retained all other commercial rights to MosaiQ™ with OCD receiving a right of first offer where Quotient decides to commercialize MosaiQ™ with a third party for an application other than blood grouping. The agreement also allows Quotient and OCD to explore opportunities to develop and commercialize MosaiQ™ for other diagnostics applications outside of patient testing and donor screening.
OCD, a leader in serving the transfusion medicine community, is known for providing innovative systems that improve blood screening, grouping and typing. Through this collaboration with Quotient, OCD will be able to continue to build upon its breadth of offerings, over time. Recently, OCD obtained CE Mark (Conformité Européenne) for its fully automated ORTHO VISION™ Analyzer for ORTHO Column Agglutination Technologies. The ORTHO VISION™ Analyzer for ORTHO Column Agglutination Technologies is available to transfusion medicine laboratories in Europe, Japan and Australia. The ORTHO VISION™ Analyzer for ID-Micro Typing System™ Gel Test is currently under regulatory review in the United States and Canada.
About Ortho-Clinical Diagnostics, Inc.
Ortho-Clinical Diagnostics, Inc. delivers high-quality in vitro diagnostic products that give healthcare professionals around the world the knowledge they need to make better treatment decisions sooner. The company serves the global transfusion medicine community with donor screening and blood typing products to help ensure every patient receives blood that is safe, the right type and the right unit. Ortho Clinical Diagnostics also brings sophisticated information management, testing technologies and automation and interpretation tools to clinical laboratories worldwide to help them run more efficiently and improve patient care. For more information, visit www.orthoclinical.com.
About Quotient Limited
Quotient is an established, commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the development and commercialization of innovative tests, currently focused on blood grouping and serological disease screening. Quotient is developing its proprietary MosaiQ™ technology platform to offer a breadth of tests that is unmatched by any commercially available transfusion diagnostic instrument platform. The company’s operations are based in Edinburgh, Scotland; Newtown, Pennsylvania; and Eysins, Switzerland.
Ortho-Clinical Diagnostics, Inc.
Stephanie Scott, (908) 218-8137