Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

OraSure And AbbVie To Co-promote OraQuick HCV Rapid Test In U.S. - Quick Facts

RELATED NEWS
Trade OSUR now with 

OraSure Technologies (OSUR: Quote) announced Wednesday that it has reached a Master Program Services and Co-Promotion Agreement with AbbVie (ABBV: Quote) under which AbbVie and OraSure will co-promote the Company's OraQuick HCV Rapid Test in the United States.

The product will be used to test individuals at-risk for hepatitis C (HCV). OraSure will be responsible for manufacturing and selling the product directly into all markets.

As per the agreement, OraSure has granted exclusive promotion rights to AbbVie for the OraQuick HCV test in certain markets and will provide certain additional services in support of HCV testing. In exchange for the exclusive rights granted to AbbVie, OraSure will receive up to $75 million in exclusivity payments over the term of the agreement, which runs through December 31, 2019.

In addition, upon achievement of certain performance-based milestones, OraSure will be eligible to receive additional payments annually over the life of the agreement. Further information regarding the agreement will be available in the Company's 8-K Report filed later today with the SEC.

As a result of the new co-promotion agreement announced, OraSure has updated its financial guidance to reflect the initial impact of this arrangement and is now projecting consolidated net revenues ranging from $26.0 to $26.5 million and a consolidated net loss of approximately $0.08 to $0.09 per share for the second quarter of 2014. Analysts polled by Thomson Reuters expect the company to report a loss of $0.09 per share and revenues of $25.39 million for the second-quarter. Analysts' estimates typically exclude special items.

OraSure said in May that it expected consolidated net revenues to range from $25.2 to $25.7 million and consolidated net loss of approximately $0.09 to $0.10 per share for the second quarter of 2014.

Register
To receive FREE breaking news email alerts for OraSure Technologies Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After moving modestly higher in morning trading, stocks showed a substantial move to the downside over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session, sliding firmly into negative territory. Ebola "czar" Ron Kain is scheduled to meet with President Barack Obama on Wednesday as he begins his efforts to coordinate the government's response to the deadly disease. Klain, who previously served as chief of staff to Vice President Joe Biden and then-Vice President Al Gore, was named as Ebola Response Coordinator last Friday. Potentially complicating the outlook for control of the Senate, the results of a SurveyUSA poll conducted for WXIA-TV in Atlanta suggest that the Georgia Senate race between Republican David Perdue and Democrat Michelle Nunn could be headed for a runoff.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.