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VBI Vaccines (NASDAQ:VBIV) Wednesday rose over 7% in premarket trading as the biopharmaceutical firm announced a deal whereby Brii Biosciences would acquire the intellectual property for VBI-2601, VBI’s HBV immunotherapeutic development program.
Brii Bio would also acquire manufacturing capabilities and certain related assets at VBI’s Rehovot, Israel manufacturing facility for an aggregate consideration of $33M.
The agreements would also eliminate payment obligations from the July 2023 agreements between VBI and Brii Bio. The parties also entered into an exclusive license to develop and commercialize VBI-1901, VBI’s glioblastoma (GBM) immunotherapeutic candidate, in the Asia Pacific region, excluding Japan.
Additionally, VBI and Brii Bio will work together to transfer the manufacturing technologies of VBI-2601 to a site designated by Brii Bio.
VBI expects its total debt principal under its current facility with K2 HealthVentures to be significantly reduced to $17M, the company added.
- Source: Press Release