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Itaconix licenses non-core polymer assets to tremco-illbruck
Itaconix announced on Thursday that it has licensed certain non-core polymer assets developed under a joint development agreement, to tremco-illbruck - a division of RPM International.
The AIM-traded company said that under the terms of the deal, tremco-illbruck would acquire the rights to certain Itaconix polymer technology to improve the performance of its construction sealant products.
As consideration for the licence and assignment, tremco-illbruck would make royalty payments to Itaconix on net sales of derived products incorporating Itaconix technology.
"tremco-illbruck has indicated that it expects to launch products containing Itaconix's technology within 12 months and we anticipate receiving a modest income in 2018," commented Itaconix CEO Dr Kevin Matthews.