Everest Medicines Limited announced today two separate definitive agreements with Providence Therapeutics Holdings Inc., a clinical stage biotechnology company developing messenger RNA (“mRNA”) therapeutics and vaccines, to (i) license rights to Providence’s mRNA COVID-19 vaccine candidates in Asia emerging markets, including Greater China, Southeast 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”).
Under the terms of the Agreements, Everest gains rights to Providence’s mRNA COVID-19 vaccines in Greater China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Thailand, Timor-Leste and Vietnam (collectively, “Everest Territories”). 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. Everest will also gain rights to Providence’s next generation mRNA COVID-19 vaccine candidates against specific VOC which are in pre-clinical development.
Everest and Providence will also enter into a 50/50 global collaboration under which the parties will develop two additional prophylactic or therapeutic products (“Collaboration Products”). Global rights to Collaboration Products will be jointly owned by Everest and Providence. Everest also will be enabled to create and develop products (“Additional Products”) using Providence’s mRNA Platform for product discovery across a broad range of other prophylactic and therapeutic areas. The collaboration includes full technology transfer of Providence’s current and future manufacturing processes to Everest. This transfer will allow the Company to, pending regional product approval, produce and distribute these important medicines locally, enabling people in Greater China and other Asia territories access to differentiated and clinically validated mRNA vaccines for COVID-19, mRNA vaccines for other infectious diseases, as well as mRNA therapies for a range of devastating diseases.
“We’re thrilled to enter into this agreement with a strong partner such as Everest as we work together to bring novel mRNA vaccines, like PTX-COVID19-B, to patients in need around the world and help combat COVID-19 as well as other diseases,” commented Mr. Brad Sorenson, CEO of Providence Therapeutics. “In addition, this transaction structure with equity consideration and profit-sharing helps to align ongoing corporate interests between Everest and Providence, fostering future collaboration for innovative mRNA vaccine development across a range of disease areas.”
“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. Gaining exclusive access to a unique and clinically-validated mRNA technology platform through this strategic collaboration redoubles our commitment to accelerate global pharmaceutical innovation and deliver best-in-class medicines to people in China and other parts of Asia. 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. “The rapid development and commercialization of PTX-COVID19-B and PTX-COVID19-Variant, two leading mRNA COVID-19 vaccine pipeline products, provide significant opportunity to Everest and Providence, as well as to patients in Asia and we look forward to progressing development of these potentially best-in-class vaccines.”