After several years in development the V-10 was launched July 2005. The agreement also provides for Vapourtec to deliver further developments and line extensions for the product within 2006.
The purchase price for the deal consists of an up-front payment and partial payments related to sales development. The total purchase could reach at maximum 2, 3 MGBP.
Commercial activities will begin immediately and sales for 2007 are expected to reach between 5 to 10 MUSD.
"Evaporation presents a major bottleneck in chemistry and drug development. Vapourtec's V-10 substantially reduces sample drying time for pharmaceutical chemists and fills this void in our product lines," said Jeff Bork, Biotage AB CEO.
Duncan Guthrie, Vapourtec founder and CEO adds, "Biotage was the logical choice for partnering. They have large scale production facilities, global sales and service presence and we intend to have an excellent relationship going forward on mutual development programs."
"Evaporation is a technique employed immediately following synthesis and purification - so it is essential that Biotage offer this technology," stated Dave Patteson, President of Biotage's Discovery Chemistry Group.
"Vapourtec's V-10 was brought to our attention by some of our largest customers who participated in the product development phase."
"In addition to operating in batch mode at rates up to 40X faster than conventional evaporators, the Vapourtec product also operates in a continuous flow mode, which offers advantages not possible with alternative designs."