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T2 Biosystems' Lyme Disease Deal With Canon Is Bullish For Both Companies

On February 3rd, T2 Biosystems (TTOO) inked its first major collaboration deal with Canon U.S. Life Sciences for a rapid diagnostic to detect Lyme disease.

Under the terms of the agreement, T2 Biosystems will receive an upfront payment of $2 million from Canon U.S. Life Sciences and additional milestone payments upon achieving certain developmental and regulatory milestones for total payments of $8.5 million. T2 Biosystems will remain the exclusive worldwide commercial rights holder of any products developed out of the collaboration, including sales, marketing and distribution. Canon U.S. Life Sciences, a subsidiary of Canon U.S.A. (CAJ), will receive royalty payments on all product sales resulting from the collaboration, and both companies will explore operational areas to work together and additional diagnostic product opportunities in the future.

This is an intriguing deal in that we can now see that major U.S. companies are taking interest in the revolutionary T2MR technology platform… Read More …