Vical Inc. (VICL) announced an exclusive, binding letter of intent with EIP Eczacibasi Ilac Pazarlama A.S. for sales and marketing of the company's Allovectin-7 immunotherapeutic product candidate in Turkey and the Turkish Republic of Northern Cyprus.
EIP has agreed to obtain the necessary regulatory approvals for the territory and to pay Vical upfront and milestone payments in addition to a specified transfer price in exchange for the rights to an exclusive license for the territory.
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