Plymouth Meeting-based Inovio saw its stock jump after signing a collaboration and license agreement with Advaccine Biopharmaceuticals Suzhou for its COVID-19 DNA vaccine candidate, writes John George for the Philadelphia Business Journal.
The deal, which carries a potential value of over $110 million, gives Advaccine the exclusive right to develop, manufacture, and commercialize Inovio’s experimental vaccine within Greater China.
Additionally, the China-based company will license its plasmid manufacturing process for use with Inovio’s vaccine candidate as well as other Inovio product pipeline candidates.
Following the news, Inovio’s stock closed up nearly 10 percent on Monday at $9.73 per share.
Advaccine will make an upfront payment of $3 million to Inovio as well as up to an additional $108 million in potential payments if certain development and sales-based milestones in Greater China are met.
Inovio will also receive a royalty of the annual net sales in each Greater China region.
“Inovio’s partnership with Advaccine enables us to leverage their deep expertise, capabilities, and network across the region—making it possible to rapidly produce and if and when approved, distribute our vaccine candidate to more people across Greater China,” said J. Joseph Kim, Inovio’s CEO.
Read more about Inovio at the Philadelphia Business Journal by clicking here.