OraSure Technologies (OSUR +4.6%) and AbbVie (ABBV +0.1%) sign an agreement to co-promote Orasure's OraQuick HCV Rapid Test in the U.S. OraSure will be responsible for manufacturing and selling the product directly into all markets. AbbVie has exclusive promotion rights for the test in certain markets while OraSure will provide certain additional services in support of HCV testing. OSUR will receive up to $75M from ABBV over the term of the agreement which runs through year end 2019. OSUR may earn additional payments from ABBV based on the achievement of certain performance-based milestones.
The OraQuick HCV test is the first and only FDA-approved and CLIA-waived point-of-care test for the detection of HCV infection in at-risk individuals. The healthcare provider can obtain a result in 20 minutes using a fingerstick or venipuncture blood sample.