The company had previously announced a review of potential strategic alternatives, but appears now to have made its mind up to get into bed with Amgen, having entered into an exclusivity agreement with the biotech giant.
Amgen has stumped up a non-refundable US$15mln deposit in return for a perpetual, worldwide non-exclusive license to use Unilife wearable injector devices for use with certain large volume drug products of Amgen.
In addition, Amgen has been granted a perpetual, worldwide exclusive license to develop, manufacture and supply Unilife's one millilitre (1ml) wearable injector for use with certain small volume drug products, most of which will be developed and manufactured by Unilife.
Unilife will receive an amount for each device it manufactures for Amgen, based on annual volumes and device features, though Amgen will be able to outsource up to 20% of the production, albeit while paying a royalty to Unilife on each device.
Shares in Unilife were the top performers on Nasdaq, jumping 58% to 78.01 cents.