Brii Biosciences Ltd (HKG: 2137), based in China, has reached an agreement with US-based VBI Vaccines Inc. to acquire all intellectual property rights to VBI-1901 (BRII-179), along with the manufacturing technologies for BRII-179 and PreHevbrio/PreHevbri. The agreement also grants Brii marketing rights for VBI-1901 in the Asia Pacific region, excluding Japan.
Under the terms of the deal, Brii will issue an initial promissory note of USD 2.5 million, which will offset royalties and milestone payments related to PreHevbri. This note could increase to USD 10 million upon the fulfillment of certain conditions, in exchange for all intellectual property associated with BRII-179. Additionally, Brii plans to collaborate with VBI to transfer the production technology of BRII-179 to its designated manufacturing facility, potentially triggering an additional promissory note of up to USD 8 million after the technology transfer is completed.
Brii also intends to acquire VBI’s manufacturing facilities for BRII-179 and PreHevbrio/PreHevbri in Rehovot for a cash payment of USD 10 million, scheduled for on or after June 30, 2024. Following this acquisition, Brii will enter into a supply agreement with VBI, positioning itself as the commercial supplier for PreHevbrio/PreHevbri.
Moreover, contingent upon the fulfillment of specific conditions by VBI, Brii will secure exclusive development and commercialization rights for VBI-1901, an immunotherapy for glioblastoma, in the Asia Pacific region (excluding Japan), which will involve a separate promissory note payment of USD 5 million to VBI.
BRII-179 is an innovative hepatitis B virus (HBV) immunotherapy that utilizes recombinant proteins to elicit robust B and T cell immune responses. Brii initially licensed BRII-179 from VBI in December 2018, with commercialization rights in Greater China later extended globally in July 2023. The drug received breakthrough therapy designation in China in November.
PreHevbri is recognized as the only HBV vaccine featuring three antigens and is currently available in multiple markets, including the United States and Europe. VBI-1901, developed using envelope virus-like particle technology, targets two highly immunogenic cytomegalovirus antigens and has been awarded fast-track and orphan drug designations by the US FDA for glioblastoma treatment.- Flcube.com
