Extract from R.J. Reynolds’ official Press Release with British American Tobacco (BAT) in forming a framework of collaboration/cross-licensing of vapor product technologies
RJ Reynolds announced today that it has signed a technology-sharing term sheet with British American Tobacco (BAT). The term sheet provides a framework for collaboration and mutual cross-licensing of vapor product technologies through 2022. Specifics of the agreement have not yet been finalized by the companies, but the term sheet is the first step in reaching a definitive agreement under which RJ Reynolds and BAT will collaborate to develop next-generation vapor products.
The companies’ collaboration will include a process for joint research and development (R&D) activities and cooperation on regulatory, scientific, and manufacturing issues related to vapor products. RJ Reynolds and BAT continue to negotiate the specifics of their agreement with a goal of reaching a definitive contract by the end of 2015.
“This proposed technology-sharing agreement makes great business sense as we lead the transformation of the tobacco industry, allowing us to continue to deliver innovative, high-quality vapor products to adult tobacco consumers seeking smoke-free alternatives” said Debra Crew, RJ Reynolds’ president/chief commercial officer.
View/download R.J. Reynolds Tobacco Company signs vapor technology term sheet with British American Tobacco
View Reynolds, BAT move forward on vapor technology deal
Richard Craver (22 September 2015) Reynolds, BAT move forward on vapor technology deal [online newspaper]. Retrieved from http://ow.ly/SyWLj