logo
Share SHARE
FONT-SIZE Plus   Neg

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

OraSure Technologies (OSUR) announced Wednesday that it has reached a Master Program Services and Co-Promotion Agreement with AbbVie (ABBV) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau. To book-lover's surprise, online retailer Amazon opened another bricks and mortar store in an upmarket shopping mall in New York. This is the seventh book store of Amazon.
comments powered by Disqus
Follow RTT