Avecho Biotechnology Receives $3 Million Licensing Fee from Sandoz for Cannabidiol Product; Shares Jump 20%

MT Newswires Live03-28

Avecho Biotechnology (ASX:AVE) received the initial $3 million licensing fee from generic pharmaceuticals company Sandoz for the commercial rights to the former's proprietary cannabidiol (CBD) product in Australia, according to a Friday filing with the Australian bourse.

Avecho Biotechnology is entitled to receive $16 million upon meeting certain milestones and tiered royalties ranging from 14% to 19% on net sales, per the filing.

Under the terms of the agreement, Sandoz has exclusive commercial rights for Avecho's CBD capsule product for insomnia in Australia for 10 years.

Avecho Biotechnology's shares jumped 20% in recent trade.

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