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An exclusive option agreement gives one company the right to negotiate a full license for a technology before any competing party can step in.
That is the structure 60 Degrees Pharmaceuticals (Nasdaq: SXTP) has reached with Florida State University, centered on a compound called castanospermine and its potential against tick-borne diseases.
The arrangement extends the company's infectious disease pipeline into a therapeutic area it had not previously claimed. What the option agreement actually covers An option is a reserved position, not a purchase.
The party holding it has paid for the right to pursue a full development license, but the research and intellectual property stay with the originating institution until a complete agreement is struck.
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