Everest Medicines to Advance mRNA Vaccines in Emerging Markets in Asia

15 September 2021 | Wednesday | News

Providence Therapeutics Enters into Comprehensive Agreements with Everest Medicines to Advance mRNA Vaccines and Therapies, including COVID-19 Vaccines, in Emerging Markets in Asia
Image Source : Public Domain

Image Source : Public Domain

Providence grants Everest license to develop and market potentially "Best-In-Class" mRNA COVID-19
vaccine for select Asia territories

Providence and Everest enter into a 50/50 worldwide collaboration to jointly develop products in two
additional indications, leveraging Providence's cutting-edge mRNA technology

Providence will receive $100 million USD upfront, up to 12% equity position in Everest based upon
milestones, and future profit share and royalties


Providence Therapeutics Holdings Inc. ("Providence") announced today two separate definitive agreements (the "Agreements") with Everest Medicines Limited (HKEX 1952.HK, "Everest"), to (i) license rights to Providence's mRNA COVID-19 vaccine candidates in emerging markets in Asia, including Greater ChinaSoutheast Asia and Pakistan, and (ii) establish a broad, strategic partnership to develop mRNA products globally leveraging Providence's cutting-edge mRNA technology platform ("mRNA Platform").

Providence's lead mRNA COVID-19 vaccine candidate, PTX-COVID19-B, currently in Phase 2 clinical trials, has demonstrated that it is generally safe and well tolerated and that the PTX-COVID19-B dosed subjects have high neutralization titers against the original strain of SARS-CoV-2 (G614) in an S protein-typed pseudovirus assay. All subjects produced neutralizing antibodies after the first dose and the levels increased more than 10-fold after the second dose. The sera from PTX-COVID19-B vaccinated subjects also had high neutralization titers against current variants of concern ("VOC") Alpha, Beta and Delta, that compare favorably to currently approved mRNA vaccines.

Providence and Everest will also enter a 50/50 global collaboration under which the parties will develop prophylactic or therapeutic products in two additional indications. The collaboration includes full technology transfer of Providence's current and future manufacturing processes to Everest.

"I am excited to work with Providence and we share in their passion to make affordable, innovative, high-quality medicines available to patients in need. We believe that mRNA vaccines for COVID19 can provide another option in the armamentarium for fighting this pandemic. The platform will enhance our discovery efforts and will allow us to explore the promise of mRNA therapies for patients across a variety of key disease areas," said Kerry Blanchard, MD, PhD, Chief Executive Officer of Everest Medicines.

"We're thrilled to enter into this agreement with Everest as we work together to bring PTX-COVID19-B, to people in need in Asia and help combat COVID-19," commented Brad Sorenson, CEO of Providence Therapeutics. "Unlike other mRNA vaccine developers, Providence is committed to enabling tech transfer in regional centers which in turn gives these local countries the capability to take greater control of planning for pandemic vaccine needs at affordable prices."

Transaction Terms

Under the terms of the transaction Agreements, Providence will receive the following considerations;

For COVID-19 vaccines:

  • US$50 million in initial upfront payment to be paid in cash;
  • In China and Singapore, up to US$100 million in profit-sharing on COVID-19 vaccines, and once profit share has reached an aggregate amount of US$100 million, mid to high single-digit royalties, and in Everest Territories outside of China and Singapore, mid-teens royalties on COVID-19 vaccine sales.

For Collaboration Products, Additional Products, and the mRNA technology platform:

  • US$50 million in initial upfront payment to be paid in cash;
  • Up to US$300 million in future milestone payments to be paid in newly-issued Everest stock, based on the achievement of certain technology transfer, manufacturing, preclinical, development and commercial milestones.

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