OBJ Limited (ASX:OBJ) has announced that its Master Licensing Agreement (MLA) with Procter & Gamble (P&G) has been signed.
The MLA is an umbrella agreement that defines all of the detailed licensing terms and conditions that will be applied to all products licensed by P&G, including OBJ’s micro-array technology. Each new product containing the OBJ micro-array technology that P&G licenses will form a Schedule to the MLA.
OBJ develops proprietary magnetic micro-array drug delivery and product enhancement technologies for the pharmaceutical, healthcare and consumer goods sectors.
The first products that are being licensed to P&G were announced in May 2016 and are for two brands.
According to the company, the product development and licensing program is covered under the Product Development Agreement (PDA) signed in May this year, and the new MLA will now apply to all products that have moved through this development program to commercialisation.
Under the PDA, P&G retains a worldwide exclusive right to commercialise OBJ’s non-powered magnetic micro-array technology within specifically defined product categories. The agreement acts as the cornerstone to the relationship between OBJ and the world’s largest fast-moving consumer goods company, designed to streamline the way in which P&G brand managers can explore the benefits of OBJ’s technologies.
Multiple Work Plans covering various product development programs with numerous P&G brands have been executed under the PDA, with additional items under negotiation. The PDA, together with the MLA, now forms the complete pathway for the ongoing development and licensing of various P&G products.
Mr Jeffrey Edwards, Managing Director of OBJ, said: “The Master License Agreement defines all of the detailed terms for the distribution and sale of products containing OBJ’s technologies and will greatly facilitate multiple product distribution. We see this as a defining moment in both the development of OBJ and our strong collaborative relationship with P&G.”