Novavax has reached an agreement to license its proprietary recombinant virus-like-particle vaccine technology to LG Life Sciences.
The deal allows LG Life Sciences allows to exclusively manufacturer, develop and commercialise vaccines in South Korea, and a non-exclusive license to perform these activities in specific emerging markets.
LG Life Sciences will be responsible for the funding of clinical development and licensure of the vaccines, as well as the construction of a new manufacturing facility planned at the company’s campus in Osong, South Korea.
Novavax will receive upfront and milestone payments, as well as royalty payments from commercial sales. In return, the company will provide virus-like-particle technology transfer and manufacturing support.