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Rapid Micro Biosystems, Inc. (NASDAQ:RPID) (the "Company" or "Rapid Micro"), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that it has entered into a five-year global distribution and collaboration agreement (the "Agreement") with the Life Science business of Merck KGaA , Darmstadt, Germany, which operates in the U.S. as MilliporeSigma ("MilliporeSigma").
The agreement grants MilliporeSigma global co-exclusive rights to sell Growth Direct systems and related consumables. MilliporeSigma may sell to customers in the pharmaceutical, medical device, personal care, cosmetics and food and beverage fields worldwide. Rapid Micro will continue to utilize its existing direct sales team and distribution channels to sell, place, validate and service its products globally. Rapid Micro will also maintain responsibility to install, validate and service any Growth Direct system sold by MilliporeSigma.
The initial term of the agreement is five years and includes a commitment to purchase a minimum number of Growth Direct systems during each of the first two years.
The agreement also enables collaboration with respect to the Company's product and supply chain costs. In this regard, the parties intend to explore cost savings focused on leveraging MilliporeSigma's product offerings, manufacturing capabilities and scale to accelerate progress on the Company's strategic priority of expanding gross margins.
The agreement also enables the parties to explore additional collaboration opportunities, including services and joint technology development efforts to enhance existing offerings and introduce new products.
Posted In: RPID
