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17-06-2009: Protea Vaccine Technologies Ltd. (Protea), an entity affiliated with NasVax Ltd., announced the execution of a collaboration and option agreement that grants GlaxoSmithKline Biologicals S.A. (GSK) the option to obtain an exclusive license to a set of Protea’s conserved pneumococcal proteins for the development and commercialization of a universal protein-based Streptococcus pneumoniae vaccine.
Under the collaboration and option agreement, Protea and GSK will collaborate in executing an R&D plan funded by GSK on Protea's pneumococcal proteins, all of which are in pre-clinical development. In addition, GSK is acquiring an option to obtain an exclusive worldwide license to develop and commercialize vaccines based on Protea's proteins.
Under the terms of the agreement, Protea will receive R&D funding and an option fee in an aggregate amount of approximately 2.4 million Euro. Upon exercising the option, GSK would pay Protea an upfront license fee and subsequent milestone payments totaling approximately 17 million Euro. Protea also would be entitled to royalties on products commercialized by GSK.
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