Novavax, Fielding Pharmaceutical Co., King deal

NOX granted KG an exclusive license to its cell line technology to develop recombinant human papillomavirus (HPV) virus-like particle (VLP) vaccines. NOX retains the right to co-market resulting products in the U.S., and will receive a 17 percent royalty. As part of the agreement, NOX received $20 million through a convertible debenture investment by KG. The note is convertible into NOX shares at $10 and carries a 4 percent coupon payable semi-annually in cash and stock. NOX is eligible to receive an additional $5 million convertible debt investment upon filing an NDA for its Estrasorb topical transdermal estrogen replacement therapy, which is expected in the first half of 2001. ...