Medicago, Mitsubishi in vaccine deal
Medicago Inc. (TSX:MDG) partnered with Mitsubishi Tanabe Pharma Corp. (Tokyo:4508; Osaka:4508) to develop and commercialize at least three vaccines using Medicago's plant-based virus-like particle (VLP) technology. The partners will initially develop a rotavirus like particle (RLP) vaccine. Medicago is conducting initial research. Mitsubishi Tanabe, which is funding R&D, has an option to license the vaccine for further development and commercialization. For the RLP product, Medicago will receive up to C$33 million ($33.2 million), including an upfront payment of C$3 million ($3 million) and milestones. Medicago is eligible for royalties.
The partners will select additional vaccine targets at a later date, for which Medicago will be eligible for additional upfront payments, milestones and royalties. Medicago was up C$0.02 to C$0.60 on Tuesday. ...