Let this sink in.28 Jul 2023 17:28
. A manufacturing agreement signed with a US partner in September 2020. They are paying OptiBiotix a six figure annual milestone in H2 every year during scale up plus a six figure launch milestone payment with royalties of 5% on all sales and a further 5% on sales to 11 named companies (Kelloggs, Nestle, Coca Cola , Firmenich, Tereos, Cargill, Arla ,Tate and Lyle, Agropur, Givaudan, Tata) reflecting the development work ongoing with these partners before we signed the agreement.
2. An agreement was signed with Firmenich in July 2022 to optimise scale up and development of another type of SweetBiotix®. They will pay OptiBiotix a six figure payment per market approval (USA/Europe/Asia) plus royalties and additional milestones on sales. As previously disclosed, Firmenich are one of the world leaders in taste and the world's largest stevia supplier. Their turnover is around £3.6bn per year which has risen to US $11.4bn annual turnover following their merger with DSM, and are now known as DSM Firmenich. They are experts in their field and chose SweetBiotix® after an 18 month due diligence process. This agreement with one of the leaders in the field after extensive due diligence of the science, taste, and intellectual property, is a substantial validation of the SweetBiotix® science and commercial potential.