Genkyotex (Paris:GKTX) (Brussels:GKTX), a biopharmaceutical company and a leader in NOX therapies, announced on Friday the expansion of the license agreement for its Vaxiclase platform with the Serum Institute of India (SIIPL), a large vaccine manufacturer, to include the developed world in its addressable markets.

Reportedly, the initial agreement, signed in 2015, covered emerging pharmaceutical markets. Since the beginning of the agreement, Genkyotex has received a total of USD1.3m in upfront payment and from the achievement of a pre-specified development milestone in November 2016. According to the terms of the initial agreement, Genkyotex is eligible to receive USD57m.

Now, following the expansion of the agreement to the developed world territories, Genkyotex becomes eligible to receive additional EUR100m, bringing the overall agreement to approximately EUR150m in upfront payment, development and commercial milestones.

Also, Genkyotex is eligible to receive single digit royalties on sales. These new territories covered in the expanded agreement include the US, Canada, EU member states and the UK.

Vaxiclase is a technology platform ideally suited for immunotherapies against multiple infectious diseases or cancers and SIIPL is utilising it to develop a pertussis vaccine.

Serum Institute of India is the world's largest producer of the Measles and DTP group of vaccines. Serum Institute of India's products have been used in 140 countries.