Avacta Group plc (“Avacta” or the “Company”), which provides innovative, high value proprietary technologies and services to the pharmaceutical and diagnostics markets, announces that it has signed a commercial agreement with Pall Corporation (NYSE:PLL)(“Pall”). As part of the agreement, Avacta and Pall will collaborate to develop and market products and advanced analytical services for the life sciences market. The relationship will initiate with plans to market and support Optim, Avacta’s market leading ultra-low volume biopharmaceutical analysis tool, in North America.
Optim has been developed to accelerate the speed of and reduce the cost of drug development through the early analysis of compounds to identify the best candidates for development and define the optimal processing conditions. In the critical stages of pre-formulation, stability testing and formulation of biopharmaceutical drugs, Optim delivers vital information tens of times faster than other approaches using sample sizes less than a hundredth needed by existing techniques. This quantum leap in efficiency and reduction in cost of analysis allows drug developers to gain greater insight into candidate drug compounds at a much earlier stage of development. This in turn leads to a significant reduction in the likelihood of failure of drug compounds and reduces the overall costs of bringing new drugs to market. Optim comprises a benchtop instrument and a single-use sample holder that will lead to recurring consumables revenues.
Pall has recently reported annual revenues of $2.4 billion and is the global technology leader in the filtration, separation and purification industry. Its Life Sciences business, with which this commercial partnership has been agreed, accounts for roughly half of Pall’s revenue and is focused on facilitating the process of drug discovery, development, regulatory validation and production. Pall’s products are used extensively in the research laboratory, pharmaceutical and biotechnology sectors.
Avacta has agreed an exclusive commercial partnership with Pall to market Optim in North America and to work closely together to develop and market other advanced technologies and analytical services aimed at the life sciences market. This agreement provides Avacta with a powerful commercial and scientific partner in this critical market and Avacta believes that this relationship will contribute substantially to business growth. Avacta has just reported its first sale and installation of an Optim unit in the US and will now work with Pall to address rapidly growing interest in the market. As part of this initiative, it has also agreed to place Optim units into two prestigious US university biopharmaceutical research laboratories with extensive commercial interactions and key opinion leader status.
Alastair Smith, Chief Executive of Avacta Group commented:
“This is a very significant agreement for Avacta and I expect it to be transformational for the Group. It provides a world class commercial and product development partner in the strategically critical North American market and potentially wider afield.
“Optim is a powerful tool designed to reduce the costs associated with developing and manufacturing biological products and this sales and marketing agreement with Pall has significantly enhanced our prospects of exploiting Optim’s significant market potential throughout the wider bioprocess market.
“We are very excited about the potential of this collaborative relationship and I look forward to keeping the market updated as this commercial partnership develops and assists Avacta in delivering its strategic objectives.”