Proten engineering company Codexis Inc. has completed Wave 2 of the transfer of its proprietary CodeEvolver protein engineering platform technology to GlaxoSmithKline (GSK) in the third quarter of 2015. Codexis expects to receive a $6.5 million payment from GSK for completion of this milestone in the fourth quarter of 2015.
Codexis has received a $6 million upfront payment and a $5 million Wave 1 technology transfer milestone payment from GSK since announcing the technology collaboration and license agreement with GSK in July 2014. The agreement grants GSK a license to use Codexis' CodeEvolver platform technology to develop novel enzymes for use in the manufacture of GSK's pharmaceutical and health care products. The CodeEvolver platform technology has been installed and is operational at a GSK facility in Pennsylvania.
Codexis is eligible to receive an additional $7.5 million payment from GSK subject to the completion of the final CodeEvolver technology transfer milestone. Codexis also has the potential to receive numerous additional contingent milestone payments under the agreement with GSK that range from $5.75 million to $38.5 million per project based on GSK's successful application of the licensed technology. In addition, Codexis will be eligible to receive royalties based on net sales, if any, of a limited set of products developed by GSK using Codexis' CodeEvolver protein engineering platform technology.
"The transfer process of the CodeEvolver platform technology to GSK has gone smoothly and is on track," said John Nicols, president and chief executive officer, Codexis. "We are delighted to complete this portion of our first CodeEvolver licensing agreement."
