NEW YORK – Quanterix announced on Monday an agreement to license to Abbott Laboratories its bead-based technology patents for use in in vitro diagnostics applications.
Under the non-exclusive license agreement, Billerica, Massachusetts-based Quanterix will receive an initial $10 million license fee, milestone fees subject to the achievement by Abbott of development, regulatory, and launch milestones, and royalties on the sales of licensed products.
The companies did not disclose further details about the agreement or what disease indications Abbott would target with Quanterix's IP.
According to an analyst note from Cowen's Doug Schenkel, the agreement is an "important step forward" for Quanterix. The partnership with Abbott validates Quanterix's "technology potential in the diagnostics market and should continue to help build investor confidence that the opportunity is real," he said.
Max Masucci, an analyst with Canaccord Genuity, also said in a note that the agreement would be impactful for Quanterix. He said he believes the agreement is likely centered around Quanterix's applications in neurology but expects Abbott to explore COVID-19 applications for the technology, as well.