Covidien Ltd and BioSynthema Sign Exclusive Agreements for Cancer Therapy Technology

ST. LOUIS--(BUSINESS WIRE)--Covidien Ltd. (NYSE:COV) (BSX:COV) and BioSynthema Inc. today announced the signing of agreements to develop and commercialize a nuclear medicine therapy for neuroendocrine cancer patients. Under the terms of an exclusive license agreement, BioSynthema will gain access to specific Covidien proprietary peptide technology. The license will enable BioSynthema to use this technology in conjunction with its own technology and proprietary clinical research to further develop a new targeted radionuclide therapy product. Under the terms of a separate agreement, Covidien will have exclusive marketing rights to the resulting cancer therapy technology.