AGTC and Biogen announce an agreement that could be worth $1 billion. Applied Genetic Technologies Corporation will receive $124 million up front for licensing for two of AGTC’s treatments as well as a stock purchase, granting Biogen 8% ownership. Not included in this payment is Biogen’s option to license 3 other genetic therapies that could total another $592.5 million.
This deal for Alachua-based AGTC marks it as the first UF spin-off to produce a billion dollar deal. The money will allow AGTC to more rapidly produce new therapies and continue hiring.
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