WASHINGTON (dpa-AFX) - Nykode Therapeutics (VACC), a developer of vaccines and novel immunotherapies, said on Tuesday that it has signed a license and collaboration deal with a potential of over $925 million with Regeneron Pharmaceuticals (REGN), a biotechnology company, for the discovery, development, and commercialization of potential new vaccines for cancer and infectious diseases.
According to the agreement, Nykode will receive a $30 million upfront payment and a $20 million equity investment at a premium of 20 percent on a 30-day volume weighted average price of the Nykode share for the last 30 trading days before the effective date of the agreement.
Additionally, Nykode will be eligible to receive over $875 million in milestone payments, and high single-digit to low double-digit tiered royalties on sales of commercialized products arising from the collaboration, bringing the total potential value of the agreement to more than $925 million, including royalties, Nykode said in a statement.
Michael Engsig, CEO of Nykode Therapeutics, commented: '.We have entered into this groundbreaking agreement with Regeneron that may accelerate the expansion of our pipeline and fully leverage our unique and modular vaccine technology platform within multiple, large and commercially significant disease areas, in line with our corporate strategy.'
Regeneron will also cover costs for research, as well as potential clinical, regulatory, manufacturing, and commercialization activities.
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