Genkyotex expands license agreement for Vaxiclase platform with Serum Institute of India

Genkyotex, a biopharmaceutical company and the leader in NOX therapies, announces that it has expanded the license agreement for its Vaxiclase platform with the Serum Institute of India (SIIPL), the world's largest vaccine manufacturer, to include the developed world in their addressable markets.

The initial agreement, signed in 2015, covered emerging pharmaceutical markets.

Since the beginning of the agreement, Genkyotex has received a total of $1.3 million in upfront payment and from the achievement of a pre-specified development milestone in November 2016. According to the terms of the initial agreement, Genkyotex is eligible to receive $57 million.

Following the expansion of the agreement to the developed world territories, Genkyotex becomes eligible to receive additional €100 million bringing the overall agreement to approximately €150 million* in upfront payment, development and commercial milestones. Genkyotex is also eligible to receive single digit royalties on sales.

The new territories covered in the expanded agreement include the U.S., Canada, EU member states, and the UK. Vaxiclase is a technology platform ideally suited for immunotherapies against multiple infectious diseases or cancers and SIIPL is utilizing it to develop a pertussis vaccine.

“In the past three years since our initial agreement, we are increasingly confident in the potential for the Vaxiclase platform to play an important role in the development of a pertussis vaccine,” said Adar C. Poonawalla, CEO and Executive Director of SIIPL. “We look forward to expand our agreement to the developed world, which has become a key strategic priority for our company. Pertussis remains an indication with significant unmet needs worldwide, and we believe a substantial market opportunity exists for an improved acellular pertussis component-based combination vaccine.”

“We are extremely pleased to further monetize our Vaxiclase technology,” said Elias Papatheodorou, CEO of Genkyotex. “As SIIPL is the world’s largest vaccine manufacturer, we view our relationship as a validation of this platform and its significant potential for the development of various immunotherapies. Genkyotex remains focused in the development of its lead asset GKT831 in fibrotic indications as well as other future candidates targeting the NOX enzymes. Our trial with GKT831 in primary biliary cholangitis (PBC) is progressing and we are happy to report that till today we have not had any serious adverse events, liver-related events or any dropouts. We still guide for interim data in the fall of 2018 and final data in H1 2019.”

*The overall amount of this agreement is provided in euros for information purposes and is based on the €/$ currency rate as at the signature date of the restated agreement.