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  • Novavax, Inc. (NVAX) Licenses Flu Vaccine to LG Life Sciences 0 comments
    Mar 2, 2011 11:18 AM | about stocks: NVAX

    Yesterday, Novavax announced that they had agreed to license its recombinant virus-like particle (NYSEARCA:VPL) to LG Life Sciences, LTD. This will allow LG to develop and distribute flu vaccines that use Novavax VLP technology through South Korea, and grants LG a non-exclusive to do the same in other emerging market countries.

    LG, a pharmaceutical company based in South Korea, is currently developing a portfolio of drugs intended to fight and cure various diseases, as well as improve the quality of life for patients globally. Novavax is developing vaccines that prevent infectious diseases, such as strains of influenza, using its proprietary VLP technology. Novavax uses a bioprocessing system to achieve quick vaccine deployment wherever it’s needed. Novavax also has a joint venture with Cadila Pharmaceuticals to manufacture vaccines and associated technology in India.

    Under the terms of the agreement, LG will fund development and licensing of VLP vaccines, along with a new VLP vaccine manufacturing facility at their campus in South Korea. Novavax will receive upfront payments from LG, as well as milestone payments made when specific progress is achieved, along with royalties from commercial sales. Novavax will provide transfer of their VLP technology along with manufacturing support for LG’s vaccine production facility.

    Dr. Rahul Singhvi, CEO and President of Novavax, stated, “LGLS is an affiliate of LG, a global conglomerate. LGLS is a leading provider of vaccines to supranational health organizations such as UNICEF and the Pan American Health Organization (PAHO). We welcome this opportunity to develop a recombinant influenza vaccine solution for South Korea and other countries served by LGLS. This new partnership with LGLS is further validation of our VLP technology and, as we have done previously with our joint venture in India with Cadila Pharmaceuticals, further expands our development efforts into new territories. LGLS will help us advance our technology in Korea and other countries, consistent with our commercial strategy of developing regional partnerships and in-country manufacturing solutions with leading pharmaceutical companies around the world.”

    Dr. Iljae Jung, CEO and President of LGLS, commented, “We look forward to working closely with Novavax in advancing the VLP influenza vaccines for people around the world. We anticipate that Novavax and LGLS together will make significant achievements in the field of influenza vaccines with our technology, expertise and combined resources.”

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    Stocks: NVAX
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