China-based Brii Biosciences Ltd (HKG: 2137) has announced its intention to acquire the intellectual property (IP) and other assets related to BRII-179 from its US partner VBI Vaccines, Inc. and certain of its subsidiaries (VBI), as well as its creditor K2 VBI Equity Trust, LLC and K2 HealthVentures LLC.
Comprehensive Agreement and Financial Terms
Under the terms of the agreement, Brii will fully acquire the patents, know-how, and relevant materials of BRII-179, thereby eliminating all future milestones and royalty obligations payable to VBI. The total consideration for this acquisition is USD 18 million. With the closing of this transaction, Brii and VBI will also terminate their agreements announced on February 14, 2024, which were not consummated due to the discontinuation of operations of VBI. All payment obligations of Brii under the terminated agreements, except for the outstanding principal amount of USD 2.5 million in the form of a promissory note, will be cancelled.
Historical Licensing Deals and Global Rights
Brii Bio struck licensing deals with VBI in 2018, 2023, and 2024, obtaining exclusive global rights to BRII-179 and Asia-Pacific rights to PreHevbri (excluding Japan), alongside clinical supply in relation to clinical studies for BRII-179. The exclusive license to BRII-179 was expanded to cover the global scope in July 2023. VBI initiated bankruptcy reorganization proceedings one year later.
BRII-179: An Innovative Hepatitis B Virus Immunotherapy
BRII-179 (VBI-2601) is an innovative hepatitis B virus (HBV) immunotherapy based on recombinant proteins that can express Pre-S1, Pre-S2, and S HBV surface antigens. It is designed to induce enhanced and widespread B and T cell immune responses. PreHevbri, which is commercially available in the United States, European Union, the United Kingdom, Canada, and Israel, is touted as the only HBV vaccine with three antigens, consisting of the three hepatitis B surface antigens S, pre S1, and pre S2 of the hepatitis B virus.-Fineline Info & Tech
