LONDON (Alliance News) - Horizon Discovery Group PLC said Thursday its Horizon Diagnostics unit has signed an agreement with an unnamed major global diagnostic development company and with a US biopharmaceutical company, also unnamed, in order to support the development of companion diagnostics for novel, genetically-targeted cancer medicines.
The first project under the agreement will require the the generation of genetically defined cell lines and related gDNA and FFPE standards by Horizon Diagnostics. The consideration for this portion of the contract is USD1.2 million.
Horizon said a large portion of the consideration from the contract will be realised in the second-half of 2014.
"This is a highly significant deal for our reagent products business and demonstrates the potential of this business to contribute substantial growth to the group in 2014 and beyond. We look forward to working closely with our new partners," said Darrin Disley, Chief Executive Officer of Horizon Discovery Group.
Horizon shares were trading 4% higher at 167.5 pence per share on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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