Repligen is an American company devoted to the development and production of materials used in the manufacture of biological drugs. The company is based in Waltham, Massachusetts, and incorporated in Delaware in 1981. A public company, Repligen is listed on the NASDAQ exchange under the symbol RGEN. , Repligen employed 116 people, about 50% of these based in Sweden. Business model Before 2012, Repligen maintained dual capabilities in developing pharmaceutical therapeutics (drug discovery and development) and the development of materials supporting biological drug manufacture (bioprocessing business). A decision was made in 2012 to focus on the bioprocessing business and reduce research and development expenditures. In the period of 2010 to 2013, the majority of sales by the company were concentrated in the single Protein A product line. Sales and revenue Repligen employs a direct sales model to users of its products in the United States, with some sales through intermediaries in "certain foreign markets". More than 80% of sales have been to customers in the United States and Sweden during the 2010-2013 period. Long-term supply agreements have been established with major customers of the Protein A products, agreements which expire between 2016 and 2021 barring re-negotiation. As a result of royalty-generating out-licensing, royalty revenue from Bristol-Myers Squibb has been in the 27% to 37% range as a proportion of total revenue during the 2010-2013 period; in comparison to revenue from sales, the largest customer accounted for 35% to 45% of revenue during the same period. As a consequence of current operations, about one-third each of revenue and cost and expenses are denominated in Swedish krona currency, the remaining two-thirds denominated in United States dollars; this presents an element risk to the business based on unpredictable fluctuations in currency exchange rates. Intellectual property The company's Protein A-related offerings are supported by proprietary technology, trade secrets and patent filings. One patent was granted in April 2010 and has been extended so that it remains in effect until 2028., Patents are pending on elements of the OPUS chromatography product line, and enabling technology has been licensed from BioFlash Partners. Repligen retains an exclusive license to intellectual property owned by the University of Michigan in relation to the Orencia product divested to Bristol-Myers Squibb., Facilities Repligen's company headquarters are housed together with its manufacturing facility in Waltham, Massachusetts. Repligen maintains manufacturing facilities in Waltham, Massachusetts and Lund, Sweden. Growth factor products and the native