Wednesday, 24 April 2024

US-based VBI Vaccines sells manufacturing capabilities to China's Brii Biosciences for $33 M

16 February 2024 | News

Entering into new license agreement with Brii Biosciences

Image credit: shutterstock

Image credit: shutterstock

US-based VBI Vaccines Inc., a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, has announced agreements whereby China-based startup Brii Biosciences, subject to certain activities, is expected to acquire the intellectual property for VBI-2601, VBI’s hepatitis B immunotherapeutic development programme, and eliminate payment obligations from the July 2023 agreements between VBI and Brii Bio; acquire manufacturing capabilities and certain related assets at VBI’s Rehovot, Israel manufacturing facility, and enter into an exclusive license to develop and commercialise VBI-1901, VBI’s glioblastoma (GBM) immunotherapeutic candidate, in the Asia Pacific region (APAC), excluding Japan.

Additionally, subject to certain approvals, VBI and Brii Bio will work together to transfer the manufacturing technologies of VBI-2601 to a site designated by Brii Bio.

VBI received $2.5 million of consideration upon signing of definitive documents and is expected to receive up to an additional $30.5 million of consideration, subject to achievement of certain activities. 

Jeff Baxter, President and CEO of VBI, stated, "Upon successful completion of all transactions, we anticipate that we will have reduced the long-term burn of the company, and reduced our debt overhang by about 70%. We remain steadfast in our belief that our pipeline can have a meaningful impact on patients, providers, and public health, and we believe this deal better positions us to deliver on this mission.”

The proceeds from these agreements will be used for reduction of debt under the company’s current facility with K2 HealthVentures.

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