Trans-Pacific power player Everest jumps on mRNA vaccine deal with Providence, paying $ 100 million upfront to operate game on platform – Endpoints News
Everest jumps aboard the Covid-19 mRNA vaccine train.
As China has used other vaccine technologies to immunize its population, companies are beginning to explore the use of mRNA vaccines in Asian markets. Everest is now the latest company to focus on the Chinese market in a OK with Canadian biotechnology Providence Therapeutics.
As part of the deal, Providence will receive $ 100 million in cash upfront, combined with additional profit sharing of up to $ 400 million on Covid-19 vaccines and milestone payments on collaborative products and additional.
Everest will receive the rights to the Covid-19 mRNA vaccines from Providence in various Asian markets such as China, Taiwan, Singapore, Thailand and Indonesia.
This is not the first time Everest has launched into Asian markets using Western drugs. Two years ago, Everest paid $ 65 million to reclaim Asian rights to Immunomedics’ antibody-drug conjugate in April 2019 – a record at the time for Chinese biotechs licensing Western drugs.
Providence’s main Covid-19 mRNA vaccine, known as PTX-COVID19-B, is currently being investigated in phase II clinical trials against the original strain of SARS-CoV-2. So far, vaccination has produced neutralizing antibodies against the original strain and other variants, such as Alpha, Beta and Delta, according to Everest.
Everest will secure the rights to all Covid-19 vaccine candidates designed for specific variants – and those candidates are in preclinical testing, according to a statement released by Everest.
Everest and Providence will also enter into an equal global collaboration where they will develop two additional products. Global rights will be jointly owned.
Everest will also have the ability to create and develop additional products using Providence’s mRNA platform. This would allow Everest to expand production and distribution to a local scale, thereby improving access to consumers.
“This equity-driven, profit-sharing transaction structure helps align the current business interests between Everest and Providence, fostering future collaboration for the development of innovative mRNA vaccines across a range of disease areas,” said Providence CEO Brad Sorenson in a statement.
“Obtaining exclusive access to a unique and clinically validated mRNA technology platform through this strategic collaboration redoubles our commitment to accelerate global pharmaceutical innovation and deliver best-in-class drugs to people in China and across the world. other parts of Asia. The platform will enhance our discovery efforts and allow us to explore the promise of mRNA-based therapies for patients in various key disease areas, ”said Kerry Blanchard, CEO of Everest.
As this deal progresses, it could make Everest a key player in the Asian mRNA field, but there will be stiff competition for a piece of the mRNA vaccine pie. China’s Abogen shocked the biotech world last month with a $ 700 million Series C round, and BioNTech and Fosun are conducting clinical trials of BioNTech’s vaccine in China, with Fosun paying $ 50 million up front .
All of this to say that there is a lot of investment in mRNA – let’s see how that goes.