(Sharecast News) - ValiRx has entered into a deed of assignment with Drug Discovery Technologies (DDTech) for the patents, materials and know-how associated with its non-core intellectual property 'FitBio' and 'TRAC', it announced on Friday.
The AIM-traded firm had announced on 29 April that it was in talks with a third party in relation to a joint venture of certain non-core intellectual property, being 'GeneICE', TRAC and BioFit.
Those talks had now ended, with ValiRx entering into the assignment agreement for the intellectual property associated with FitBio and TRAC to DDTech.
"The consideration of the disposal is an immediate payment of £2,000 and a royalty on net sales made by DDTech in relation to the exploitation of the relevant IP until 29 May 2023, capped at a maximum of £1m," the board said in its statement.
"As an assignment, rather than a joint venture, ValiRx is not responsible for future liabilities associated with the relevant IP which will result in cost savings for the company."
On 29 April, ValiRx had indicated that the GeneICE intellectual property was part of the talks with the third party.
"The company confirms that GeneICE is not subject to this agreement," it confirmed on Friday.
At 1234 BST, shares in ValiRx were down 7.67% at 7.04p.
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