Cambridge, UK, 14 February 2017: Horizon Discovery Group plc (LSE: HZD) ("Horizon" or the “Group”), the world leader in the application of gene editing technologies, today announces the signing of a Master Services Agreement (MSA) with a top three global pharmaceutical company (the “Company”), extending support for their drug discovery and development efforts to Horizon’s full suite of services.
Adding to a pre-existing MSA for in vivo services, the terms of this agreement now covers a range of Horizon’s in vitro service offerings, defining the pricing and terms that will govern future transactions and facilitating simplified entry into forthcoming agreements. Services included under the MSA are: custom cell line engineering, target identification and validation screening (including the use of CRISPR gene editing technology), drug combination screening, and cell-based assay services.
Horizon is establishing itself as a key provider to an increasing number of major pharmaceutical and biotech companies by delivering reliable, high-quality, high-value services, and by strengthening key relationships within each organisation. In this way, Horizon was able to negotiate this agreement, building trust with the Company and becoming a preferred provider over time. It is now Horizon’s single largest customer, contributing over £1.5 million in revenue in 2016 (c£0.6 million FY15) and the current project pipeline indicates there will be an expansion of revenue received in 2017.
Dr. Darrin Disley, Chief Executive Officer Horizon Discovery, commented: “Today’s announcement demonstrates the success of Horizon’s strategy of deepening relationships with our top customers. By taking a broader and more integrated approach, we are able to identify areas where we can provide significant value and are able to offer unified solutions that involve a range of Horizon’s services. In 2016, our top 20 customers provided over £9.8 million to the Group, and in 2017 we are looking to increase our revenue from this segment by at least 20%, with this agreement serving as a template.”