Ortoma agrees on term sheet for development and distribution of customized version of OTS Hip
GOTHENBURG, Sweden, Dec. 6, 2022 /PRNewswire/ -- Ortoma AB (publ) ("Ortoma" or the "Company") has agreed on a non-binding term sheet with the DePuy Synthes family of companies ("DePuy Synthes") for the development and distribution of a customized version of the Ortoma Treatment Solution for hip surgery, OTS Hip. The next step in the process is to sign a binding definitive agreement.
With the term sheet, the parties have a preliminary understanding of the principal commercial terms for the worldwide distribution rights (excluding Japan) of the customized version of the Ortoma Treatment Solution (Custom OTS) for hip replacement surgery subject to regulatory approvals. The term sheet covers Ortoma's development efforts and DePuy Synthes' distribution rights for the Custom OTS over an initial term of 7 years. Subject to a definitive agreement, the potential income for Ortoma may be a combination of development fees, fixed fees and on-going variable fees but cannot be quantified at this stage.
Linus Byström, CEO of Ortoma, comments:
"Ortoma is very happy to have agreed on this term sheet as it is an important step for Ortoma in developing and broadening its collaboration with DePuy Synthes. The parties will now work on negotiating a definitive agreement that will allow for worldwide distribution rights outside Japan for the customized version of OTS Hip."
Ortoma – Improved Performance
This disclosure contains information that Ortoma is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-12-2022 08:31 CET.
For further information please contact:
Ortoma CEO Linus Byström
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Press release Ortoma agrees on term sheet for development and distribution of customized version of OTS Hip
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