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VBI Vaccines Enters into License and Collaboration Agreement with Brii Biosciences
Dec. 06, 2018 08:32AM PST
Pharmaceutical InvestingVBI Vaccines (NASDAQ:VBIV) a commercial-stage biopharmaceutical company developing next-generation infectious disease and immuno-oncology vaccines, today announced that it entered into a license and collaboration agreement with Brii Biosciences, a company committed to serving patients’ needs and improving public health in China, for the development of a functional cure for the treatment of chronic hepatitis B …
VBI Vaccines (NASDAQ:VBIV) a commercial-stage biopharmaceutical company developing next-generation infectious disease and immuno-oncology vaccines, today announced that it entered into a license and collaboration agreement with Brii Biosciences, a company committed to serving patients’ needs and improving public health in China, for the development of a functional cure for the treatment of chronic hepatitis B infection, using VBI’s recombinant, protein-based immuno-therapeutic, VBI-2601.
As quoted in the press release:
As part of the collaboration, Brii Bio paid VBI an upfront payment of $11 million, consisting of a $4 million upfront payment and a $7 million equity investment priced at $3.05 per share. VBI is also eligible to receive an additional $117.5 million in potential milestone payments, and potential double-digit royalties on commercial sales in the licensed territory, which includes China, Hong Kong, Macau, and Taiwan.
“I am very excited to announce this partnership with Brii Bio, which leverages our hepatitis B expertise and marks our pipeline expansion into the therapeutic setting,” said Jeff Baxter, President and CEO of VBI. “Brii Bio is uniquely positioned to accelerate infectious disease drug development and commercialization in China due to their world-class leadership, investors, and foundational and strategic partnerships. We believe this collaboration creates a promising opportunity to quickly and effectively develop a cure for chronic hepatitis B patients.”
“Chronic hepatitis B is one of the world’s most serious infectious disease burdens, and one that is particularly endemic in China,” said Dr. Zhi Hong, Ph.D., co-founder and CEO of Brii Bio. “We believe VBI’s immuno-therapeutic has the potential to be a differentiated, and perhaps vital, component of a functional cure. This collaboration is a significant step forward as we work to deliver on our mission to improve public health in China.” Additional details were announced by Brii Bio today.