Evolva (SIX: EVE) today announces the signing of a binding term sheet for an exclusive collaboration with Takasago International Corporation, Japan. The aim of the collaboration is to co-develop novel biosynthetic production routes for several undisclosed ingredients with broad applications in the flavours and fragrances industry. Evolva and Takasago will apply Evolva’s fermentation technology platform to develop and optimise yeast strains for the sustainable and cost-effective production of the ingredients.
Evolva will have primary responsibility for research and development, scale-up and manufacturing while Takasago will have primary responsibility for regulatory approvals and commercialisation. During the multi-year R&D period, Evolva employees will work on the project and Evolva will be entitled to milestone payments if certain project goals are achieved. The two parties will share equally the costs and the economic value derived from the manufacturing and commercialisation of final products.
Based on current plans, the collaboration could result in commercially viable products within 3-5 years. The final agreement is expected to be signed in the first quarter of 2015.
Neil Goldsmith, CEO of Evolva, commented, “This is another example of a project where Evolva’s role extends well beyond R&D and we share in the future success of the product. Our cutting edge R&D capabilities, strong intellectual property position and financial capacity enable us to take more responsibility in projects with partners. We are looking forward to working closely with Takasago and provide them with a key competitive advantage.”
Masayuki Mita, Senior Vice President of the Fragrance and Aroma Chemical Division at Takasago commented, “We are excited to be working with Evolva to expand our ingredient palette. With their advanced fermentation technology, we believe the achievement of this project will offer the ingredients that are cost competitive and sustainable as well as boosting creative capability.”
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