Novavax Inks License Pact with LG Life Sciences
Novavax, Inc. (NVAX) announced an agreement to license its proprietary, recombinant virus-like-particle (VLP) vaccine technology to LG Life Sciences, Ltd. (LGLS). Under the agreement, LGLS receives an exclusive license to manufacture, develop and commercialize influenza vaccines using Novavax's recombinant VLP technology in South Korea. LGLS also receives a non-exclusive license to manufacture, develop and commercialize influenza VLP vaccines in certain emerging market countries. Novavax will receive upfront and milestone payments from LGLS in addition to double-digit royalty rate payments from commercial sales. Novavax will provide VLP technology transfer and manufacturing support for LGLS's new vaccine production facility. Shares of Novavax are trading up over 40% in pre-market trade to $3.65 on the news.
Credit: Financial News Network
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