Mumbai, May 1: Nicholas Piramal India Limited (NPIL) has entered into a strategic alliance with DxTech for a point-of-care diagnostic testing system.
This strategic alliance includes a product development and licensing agreement, a distribution agreement and the establishment of a joint venture sales and marketing company in India, a press release said here today.
The alliance gives NPIL an exclusive license to DxTech's Vantix platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan. In return, NPIL has paid a multi-million-dollar up-front fee and will pay further product development fees, based on specific milestones over the next 18-38 months, each for at least one million dollars.
DxTech will also receive long-term royalties based on gross sales in India, as well as its share of profits made by the joint venture, the release added.
DxTech's Vantix platform has the potential to transform diagnotic testing in a range of emerging markets, including Asia parts of Europe and Central and Latin America.