Hynix, Ovonyx ink PRAM cross-licensing deal

South Korean chipmaker Hynix Semiconductor Inc. said Oct. 1 it has entered into a cross-licensing agreement with Ovonyx of the United States to develop next-generation memory chips, a Korea.net report said.

The deal enables Hynix, the No. 2 memory-chip maker, to use Ovonyx's patents on phase-change memory chips (PRAM), which experts say offer higher performance than flash chips, which are widely used in digicams and other portable gadgets.

"This agreement provides Hynix with the ability to facilitate the next-generation of memory development," said Park Sung-woo, head of Hynix's R&D division.

In July, Hynix said it plans to generate more than 30 percent of its annual revenue from sales of PRAM by 2017.