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NetScientific's unit signs deal to sell AstraZeneca's COVID-19 test

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·1-min read
FILE PHOTO: Test tubes are seen in front of a displayed AstraZeneca logo in this illustration
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(Reuters) - British life sciences company NetScientific Plc said on Monday that one of its subsidiaries has entered an exclusive licensing agreement with AstraZeneca Plc to globally sell a COVID-19 test.

NetScientific's wholly-owned unit ProAxsis Ltd will look after completing validation and global commercialisation of AstraZeneca's SARS-CoV-2 serology ELISA and, in return, the Anglo-Swedish drugmaker will receive a royalty fee on future global net sales of the assay, the company said.

The ELISA, or enzyme-linked immunosorbent assay that is developed by an internal research team at AstraZeneca, is a highly sensitive and specific blood test that collects samples from a finger prick. AstraZeneca said the test will be well-suited for antibody analyses in large populations.

"The assay could, if fully validated, potentially attract a substantial market," NetScientific Chief Executive Officer Ilian Iliev said in a statement.

NetScientific holds 95% stake in ProAxsis on a fully diluted basis.

(Reporting by Vishwadha Chander in Bengaluru; editing by Uttaresh.V)